Provogue India plans to enter West Asian markets and is looking for a franchise partner. Salil Chaturvedi, Executive Director, Provogue India, tells Business Line, “We were looking for the right market and have now decided to export Provogue. At the moment we are actively looking for the right franchise partner to foray into the Middle East.”
The company had earlier ventured into Dubai through the Splash group of stores but found the retail locations unsuitable.
In the domestic market, Provogue is planning 20 new stores this year at an investment of Rs 13 crore.
With a preferential issue in the recent past, the company says it has enough funds for the expansion.
“There are enough funds on our balance-sheet now. Having gone in for a preferential issue, we have managed to raise capital. Besides, we are not really interested in private equity players investing in our company,” says Chaturvedi.
The SAP-enabled company has strengthened its back-end operations and is now focusing on the front end.
“The toughest years are behind us, and our product mix is now complete. Our back-end is secure and we would like to propel growth at the front end,” he says.
With several players in the premium end of the garment industry, Provogue faces competition both from international brands such as Tommy Hilfiger and domestic ones such as Color Plus.
Positioning itself as a lifestyle brand, Provogue is also looking for joint ventures in the eyewear and body-care segments; it had in the past entered into a licensing arrangement with M&B Footwear.
Source: The Hindu Business Line