Punjab-based apparel maker Duke Fashions (India) has announced plans to foray into kids’ apparel segment from next summer. Meanwhile, the company is targeting revenue to the tune of Rs 500 crore within the next three years, from both domestic and international markets.
“Come next summer, Duke will offer an exclusive range of kidswear under its new brand Duke Kids. This is a new segment, which we were eagerly looking to foray into. We have studied the market, and find that there is tremendous potential. By offering the best range under a reasonable price tag, we expect to be the market leader very soon,” a company spokesperson told Indiaretailing.
Duke Fashions, which is known for its knitted t-shirts for men, has a presence in womenswear as well. “By foraying into kidswear segment, the company will be in a position to offer garments for the entire family at one shop. We will import state-of-the-art garment manufacturing machines especially for the kidswear project,” said Komal Jain, chairman, Duke Fashions.
“By the end of this fiscal, we will have turnover of Rs 300 crore and in next couple of years, we plan to touch Rs 500 crore,” Jain added. The company’s revenue stood at Rs 250 crore during the last fiscal.
Asked about retail expansion plans, the spokesperson said: “At present, we have no plans to set up standalone exclusive stores for our new kidswear brand. The intention is to make our outlets a complete family shop. Duke plans to open 25 exclusive stores in the current fiscal.”
Speaking about the targeted locations, he informed: “Although our aim is to be present across the country, we first want to have a strong presence in Rajasthan, New Delhi and Uttar Pradesh.”
Presently, Duke Fashions has 75 outlets across India. On the export front, the company continues to maintain focus on its key markets such as the United States, the Middle East, and Sri Lanka.
The company’s exports, which handle sizable orders from Wal-Mart and GAP, constitutes over 50 per cent of its total turnover.
– Vishnu Rageev R, Bangalore Bureau