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Turtle Ltd , the Kolkata-based retail chain specialising in men's range of formal and casual wear and accessories, is planning to expand its product portfolio, including launch of shoes, and is also finalising a move to engage four more captive units in the country.
The Chief Executive Officer of Turtle, Mr Shitanshu Jhunjhunwalla, said the company has grown since its inception in 1993 to a brand with 47 exclusive showrooms, and a presence in 100 large format retail chains and 1,500 multi-brand outlets across the country. “We expect to close this year with revenues of about Rs. 95-100 crore, reflecting a growth of about 50 per cent over last year,” he said.
Manufacturing units
Speaking to Business Line here, Mr Jhunjhunwalla said “the company currently has four manufacturing units, three in Kolkata and one in Bangalore for its men's range including shirts, trousers, T-shirts, ties, casual wear and suits and blazers. We anticipate a growth of over 40 per cent during next financial year and this will mean engaging four more captive units for our manufacturing. Four units now produce about 20 lakh units per annum.” “While the entire textile range, predominantly cotton fabric-based, is sourced from India and abroad, these are tailored in our production facilities to our specifications. By adding four more dedicated units, we will have the flexibility to manufacture different varieties and also cater to some select overseas markets including Dubai, where we have tied up with the Giant chain,” he said.
“By offering shirts in the Rs. 795-1095 range, trousers (Rs 995-1,495), blazers (Rs 3,500-4,500) and suits (Rs 5,000-6,000), we provide premium products at budget price. Most of the customers in existing stores are repeat buyers. We have also started a loyalty programme in Kolkata and may extend this to other cities,” he said.
“The company has no immediate plans to enter into women's wear as it is a lot more challenging and demanding business. But what we are now looking at is add more accessories to the Turtle range. This includes shoes by June 2011,” he said.
“We are not in a race to grow. The Turtle brand philosophy is slow and steady, adaptability to land and water with a hard exterior and soft interior. Turtle stands for all of these,” he said.
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