Prateek Lifestyle, the retail vertical of Prateek Apparels, is targeting to make Kanz and Undercolors a Rs 100-crore brand each by the end of 2010 fiscal. Meanwhile, during the current fiscal, the company plans to clock in a turnover of Rs 10 crore from Kanz and Rs 6 crore from Undercolors. At present, Kanz runs nine EBOs, while Undercolors has an EBO each in New Delhi, Mumbai and Kolkata.
Speaking to Indiaretailing, Abhishek Chandra Saroj, business head, Kanz, informed: “We have set a target of Rs 100 crore for our kidswear brand Kanz by 2010 fiscal. The company is expected to arrive at a turnover of Rs 10 crore in this fiscal, and Rs 35 crore in the 2008-09 fiscal. The company plans to have at least 24 stores by the end of 2008 fiscal. Every two months will see a new Kanz store operational across the country’s high street as well as malls.”
On the same subject, Joel Almeida, business head, Undercolors, said: “Prateek Lifestyle holds the marketing and distribution rights of United Colors of Benetton’s Undercolors since August 2007. The market response has been really encouraging for us to take it to the next level of retailing. In this fiscal, we expect to clock in a turnover of Rs 6 crore, which we hope to grow into a Rs 25-crore business by 2008-09. Prateek Lifestyle is optimistic that this brand, too, will be a Rs 100-crore business by 2010. Next year will see our distribution network spreading across the country, with an addition of 10 more EBOs at high streets as well as in new malls. We will soon approach the market with innovative strategies and models, which we are in the process of formalising.”
Prateek Lifestyle also has a strategic tie-up with department stores like Central in Hyderabad and Lifestyle in Noida and Bengaluru, for retailing both Kanz and Undercolors. The company is learnt to have been in advanced talks with other large-format stores as well, while it is also eyeing more space in Central and Lifestyle stores across the country.
“In 2008, Prateek Lifestyle’s main focus would be brand building. Apart from the usual media vehicles like newspapers and magazines, Kanz will also mobilise intelligent Internet branding and contests. Besides, Undercolors can derive benefits from the brand awareness and loyalty that United Colors of Benetton already commands,” Saroj and Almeida said.
Earlier, Indiaretailing had reported that Prateek Lifestyle is in the process of signing up deals with brands to run factory outlets. When questioned, the heads declined to comment saying that the news would be revealed at a different point of time.
– Vishnu Rageev R, Bengaluru Bureau