Kolkata-based Turtle Ltd is poised towards winning a Rs 55-crore turnover race in the current fiscal. The company expects to arrive at a turnover in the range of Rs 55-Rs 60 crore by March 2008. Meanwhile, the company is also mulling over shedding its ‘exclusive menswear’ tag by foraying into womenswear.
Speaking to Indiaretailing, L Sridhar, chief strategist, Turtle Ltd, informed: “Turtle brand has been witnessing a year-on-year growth rate of around 35-40 per cent. We expect this to grow in the near future. Last year, the company clocked in revenue of Rs 44 crore. However, the company will cross Rs 55 crore and may reach around Rs 60 crore in this financial year.”
Recently, the company opened its first outlet in Dubai. At present, Turtle operates 27 exclusive stores across the country, and plans to have around 60 stores operational by the end of 2009 fiscal. Consequently, Turtle is also looking at foraying into womenswear.
When quizzed about launching womenswear under Turtle brand, Sridhar said, “I would not decline it. We are in the initial stage of market evaluation. We may have a trendy line for Indian women in 2009 fiscal. However, the immediate plan is to launch woollens under Turtle brand by next winter season.”
Recently, the company launched a new economy brand titled London Bridge, targeting the masses. At present, the brand offers trendy shirts and trousers at an affordable price range, apart from t-shirts, night suits, socks, hankies, wallets, laptop bags, cufflinks, ties and belts.
“We are now poised to take off. We will expand our capacity to achieve the sales target. Also, you will see many initiatives coming from Turtle Ltd. Online selling will be one of these. We are closely monitoring the Indian retail market. Be it malls or any other location, Turtle will not miss out on a single opportunity wherein the brand can make a successful presence,” Sridhar stated confidently.
In addition to EBOs, the brand is also retailed through MBOs like Pantaloons, Shoppers’ Stop, Globus, and Piramyd. It is learnt that the brand is exceptionally doing well in the eastern and southern markets.
But apparently that is no reason to feel complacent. As Sridhar said, “As in the eastern and southern markets, Turtle will soon become hot-selling in the northern and western parts as well. We are working towards making Turtle a global brand exclusively made for global Indians,” claimed.
The company has state-of-the-art manufacturing units in Kolkata and Bengaluru. These manufacture over 20,000 pieces of garments per day. Recently, Turtle set up a design studio in Milan to keep in sync with global fashion and trends.
– Vishnu Rageev R, Bengaluru Bureau