House of Pearl Fashions (HoPF), the Gurgaon-based garment maker, has entered into an equity tie-up with European brand Lerros for its retail foray in India. Lerros will hold 40 per cent of the equity, while the rest of it will be held by the employees of HoPF.
Plans are afoot to open 10 retail stores by the middle of 2008 in and around Delhi, at an investment of approximately Rs 50 crore. In the next three years the company plans to have 300 stores across the country. Initially, almost 80 cent of the products that will be sold through the Lerros stores in India will be imported; as the operations scale up, HoPF plans to lessen the import contribution. DCC and Kool Hearts brands may also be introduced by HoPF in its retail stores.
– Bangalore Bureau