Textile manufacturer and apparel exporter Indus Fila has entered the domestic retail sector with its exclusive brand outlets for the mass market.
The Rs 500-crore Bengaluru-based company has opened two stores, one at Gulbarga in Karnataka and the other at Karimnagar in Andhra Pradesh. It is set to have 70 stores by August, mainly in tier II and III towns.
The stores will retail a range of western wear for men and women under the brand name ‘John Hill’ in the price range of Rs 300-600 each.
This launch comes at a time when export orders are thinning and companies see potential in the domestic market.
Stores are being planned in Kolar, Vijaywada, Ahmedabad, Baroda, Bengaluru, Hyderabad and Maharastra. Barring two stores in Bengaluru, the rest will be run by franchisees, said Nitin Mandhana, MD, Indus Fila.
Indus Fila’s investment in the retail venture is around Rs 20 crore.
The company, which came out with an initial public offer in 2007, has manufacturing units in Mysore and Bengaluru. In 2007, the company acquired a 51 per cent stake in Bengaluru-based Indus Garments for Rs 9.3 crore.
Source: The Hindu Business Line