French fashion apparel brand Etam, which had forayed in India through a 50:50 joint venture with Future Group’s Pantaloon Retail India Ltd, plans to invest nearly Rs 1 billion (US$24 million) in the next three years to assert its presence in India.
“Both the partners would be investing about Rs 500 million for the expansion and we hope to be a Rs 1-billion brand in the third year of our operations,” announced Etam CEO Jaydeep Shetty.
The JV company, Etam Future Fashion Pvt. Ltd, plans to set up 40 outlets across 20 cities by December this year to retail its range of lingerie. About 24 would be independent stores and the remaining, shop-in-shops. Shetty said the company would consider introducing its ready-to-wear and accessories line for women in the near future.
“’The estimated lingerie market stands at Rs 700-800 crore and is growing at 20 per cent rate annually. Etam will target women below the age of 30 years and will look at metros and other cities like Chandigarh and Bhopal for increasing foothold in India,” Shetty informed.
Currently, Etam has seven stores and six shop-in-shop stores in Mumbai, Delhi, Hyderabad, Pune, Baroda and Bangalore.