Arvind Brands and Retail, the retail division of Arvind Mills Ltd, has planned to invest around Rs 60 crore to expand its existing formats including Megamart and Megamart Outlet Centre.
Announcing this, J Suresh, CEO, Arvind, said: “The number of Megamart stores will increase from 95 in 45 towns to 140 in 70 towns during this fiscal, while we expect to add five large format Megamart Outlet Centres during this fiscal.”
For the first time, Arvind is experimenting with the franchisee route for expansion of Megamart, and hopes to set up at least 10 franchisee stores during 2008-09.
Moreover, with an investment of around Rs 75 crore, the company has also planned to set up more exclusive outlets for its brands including Flying Machine, Excalibur, Newport and Arrow.
The company will also set up a new chain of stores to house premium and super-premium international apparel brands that it has recently signed license agreements with. According to Suresh, the first store under this format will be opened by March 2009.
The brands that will be retailed through these new format stores include Pierre Cardin, Hart Schaffner Mark (suits), Izod (sportswear), and Sansabelt (trousers).