Priknit Retails sells stake to BCCL; targets 1000 stores by 2010

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Ludhiana-based apparel retailer Priknit Retails has entered into a partnership deal with Bennett Coleman and Company Ltd (BCCL). The new deal allowed BCCL to acquire a percentage of stake Priknit Retails.

Mohit Ghai, chairman and managing director, Priknit Retails, said, “Priknit, being a fashion brand that focuses on youth, will be able to connect better with its customers through this alliance with BCCL.”

The company is engaged in manufacturing and retailing of apparels for men and women in formal and casual wear category and operates 300 stores across 160 cities in India. The company is also planning to open 1,000 stores by 2010 and to strengthen its presence in the west and south Indian markets.

Meanwhile, the company had posted a turnover of Rs 1.62 billion in fiscal 2007-08 and hopes to double the figure to reach around Rs 3 billion by fiscal-end 2008-09.

— IndiaRetailing Bureau

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