Prateek Lifestyle, a subsidiary of apparel manufacturer Prateek Apparels, has opened its third discount retail format ‘Coupon’ in Hyderabad. The company already operates two stores in Bengaluru and Raipur.
Addressing a press conference Pradeep Agarwal, managing director of Prateek Apparels, said the company will open two more such outlets in Faridabad and Calicut in the next few weeks. “Next year, we will open 12 more stores. We would have invested Rs 140 crore by March 2009,” he said.
Speaking about their product offering, Agarwal said “We entered into agreements with several brands to sell their products at a discounted price. We have lined up over 150 brands in footwear, accessories, apparel and home décor products.”
“While making our presence felt in top cities, we are also looking at tier-II and tier-III cities including Ghaziabad and Jalandhar,” Agarwal said.
The company, which had received a round of venture capital funding from SIDBI, had recently announced plans for investments to the tune of Rs 350 crore on its retail initiative to set up a network of 50 stores by 2012.