Peter England, leading mid-segment menswear brand from the house of Madura Garments, will soon get a makeover as a complete family brand. The company will roll out a chain of exclusive stores under the Peter England brand, and these will sell both apparel and accessories catering to men, women and kids. Christened as PEEX (Peter England Exclusives), the first store is expected to come up by April-May, 2008.
“It would be premature to share more details on this new venture, but we believe there is a huge market in this segment that is yet to be tapped. Now we are in the process and expect to hit the market by next April-May,” R Satyajit, COO, PEEX, told Indiaretailing.
Spread across 12,000-15,000 square feet, PEEX will be a one-stop shop for the entire family. It is learnt that the first store will come up in Bangalore and then move on to other cities across the country.
“We haven’t targeted any particular locations, but we will start from the South,” a company spokesperson informed. According to him, the company will invest around Rs 400 crore in this retail venture.
Recently, Madura Garments (part of Aditya Birla Nuvo) separated its fashion brands (Van Heusen, Allen Solly and Louis Philippe) and its popular brand Peter England.
The company has appointed Alok Malik as the president of Peter England Fashions and Retail. Malik comes in from Reliance Retail. The company will also have an expat CEO, Zeena Freeman. McKinsey has been appointed for facilitation of the business plan and execution.
Peter England saw retail revenues of Rs 200 crore in the last financial year. The brand has been growing at 25 per cent year-on-year. Its retail network encompasses around 230 franchise stores, 30 company-owned stores, and several wholesale stores across the country.
– Vishnu Rageev R, Bangalore Bureau