With just one store in India, UK based departmental chain Debenhams has so far failed to make much of a fashion statement here.
But, Debenham’s Indian partner – Planet Retail, hopes that its new business plan will not just change that, but even take on Zara’s strong holding in the premium departmental store space, reports Tanvi Shukla of CNBC-TV18.
For over three years, Debenhams has had only store in India. The new CEO Ramesh Tainwala, and also a promoter in the company hopes to infuse fresh energy and fund into the business. Similar to the much successful Zara stores in India, Debenhams too will focus on middle to premium segment, levergaing on its brand image amongst consumers.
The UK based company is now getting the ”chain” back in its chainstore concept and plans to step up from just one outlet in India to over two dozen.
Ramesh Tainwala, CEO, Planet Retail, "You can’t be one departmental store player with one store. You need to operating some min number. In next four years we should have 25 stores in that format covering top 13 cities in India."
Planet Retail, will also invest Rs 450 crore in the next three- four years to expand the rest of the international brands it retails in India. More stores will be opened for brands like Guess and Nautica.
Tainwala, "The first of the major initiatives being that five major brands that company should focus on. All these brands are mid to premium segment lifestyle brands so they have a common connection."
Source : Moneycontrol