East India-based menswear and accessories retailer Turtle has opened a pilot store in Cosenza, Italy. Turtle has invested about Rs 8-10 lakh for their Italian foray. The company claims that success of the store might prompt more stores in other Italian cities.
According to Shitanshu Jhunjhunwalla, Director, Turtle Limited: “We are looking at a master franchise for expanding our foothold in overseas market. Currently, we are aiming to expand in Middle East, Bangladesh, Sri Lanka, UK, and Italy.”
Talking about the Indian market, Jhunjhunwalla said that the company plans to open 2-3 stores every month for the next 18 months with an individual investment of Rs 20-30 lakh.
Recently, Turtle also opened three outlets in Kolkata at Triangular Park, Lake Town, and City Centre 1, Kankurgachi.
According to the company officials, in this fiscal Turtle clocked a growth of over 35 percent CAGR. Its other brand London Bridge has grown by 80 percent last year and plans to grow at the same pace this year – overall it intends to cross Rs 25 crore this year.
Talking about the expansion plans, Jhunjhunwalla added: “We are planning to launch a denim-casual brand sometime next year – this brand would cater to the menswear segment initially. And we will also open exclusive stores for London Bridge in the country. All our investment will be done through internal accruals.”