Prateek Lifestyle, the newly floated retail arm of Prateek Apparels, has rolled out its first lifestyle retail venture – a value lifestyle mall called Coupon – in Bangalore. The company plans to have 12 Coupon malls operational across the country in the next 12 months. The total investment in this project is envisaged to be in the region of Rs 400-500 crore. The company is targeting revenue to the tune of Rs 250-300 crore.
“Come 2010, I am sure there will be 50 Coupon malls across the country and we will have a turnover of Rs 1,500-2,000 crore from our Coupon business alone,” Pradeep Agarwal, managing director of Prateek Apparels, told Indiaretailing.
The company plans to launch the second Coupon in Raipur by mid-August 2007. With an average space of 60,000 square feet per mall, Coupon will have a total of approximately 600,000 square feet in the first year and 3 million square feet by 2010.
Initially, the company plans to set up stores in cities like Kolkata, Chennai, Hyderabad, Cochin, Pune, Ahmedabad, Greater Mumbai, Delhi-NCR, Jaipur, Ludhiana, Chandigarh and Indore. It is learnt that the company is looking at raising funds from banks and financial institutions, followed by an IPO.
Meanwhile, the company is in talks with major international brands in the kids and lingerie segments. Asked about new brand launches, Agarwal asserted: “Kidswear is one of the fastest growing areas and Kanz is one of the largest kidswear brands in Germany. We will make this brand available in the mid-to-high-priced segment.” The company plans to launch this brand in the next two-three months’ time.
The company is also planning to set up a fabric manufacturing unit to further integrate its operations in the textile business. “We expect the fabric manufacturing unit to be functional by the middle of next fiscal. In the initial phase we will supply to the domestic market, and thereafter move into the international circle,” Agarwal stated.
It is also learnt that the company is on the lookout to acquire textile mills in Europe for manufacturing knitwear. “They may soon finalise a deal,” according to industry sources.
Sprawled across 50,000 square feet on four floors, the new Coupon mall in Bangalore has over 140 brands on the racks. “With this, we have thrown open an international shopping experience wherein the entire family can splurge,” Agarwal added. You name it – from branded apparels to accessories and home furnishings – it is there. A food court will be added in the next three months.
– Bangalore Bureau