Manyavar, the ethnic wear brand for men and Madura Garments, have entered into a strategic arrangement to open Manyavar shop-in-shop (SIS) at all Planet Fashion stores across India. The arrangement comes as a part of Madura Garments’ strategy to revamp all Planet Fashion stores as multi-brand outlets by roping in major brands from different apparel categories.
As per the arrangement, Manyavar SIS will be spread over an average retail area of 300 to 750 square feet. While the first Manyavar SIS is already operational at Planet Fashion store at Forum Mall in Bangalore, another 11 SIS will roll out in the first phase of expansion by January 2010.
“The strategic alliance gives us an opportunity to be present in the best possible locations and to be associated with a name, which has a very strong brand equity in the industry,” said Mohit Tikmany, CEO, Vedant Fashions Pvt Ltd. Elaborating on the agreement, he added, “The initial agreement has been signed for three years with renewable option as per mutual agreement. With this arrangement, we expect to generate sales of Rs.15,000 to 20,000 per sq.ft per annum.”
Manyavar already has 63 EBOs and 100 SIS spread across India. As per the expansion plans, the company has earmarked FY 2010-11 to open another 100 exclusive brand outlets and 150 SIS. The company registered a turnover of Rs.60 crores in 2008-2009 and aims to achieve a turnover of Rs.150 crores by FY 2010-11.