Sangam (India) Ltd, a leading integrated textile conglomerate, plans to open 10-15 stores in tier I and tier II metro towns by March 2017 and has floated a 100 per subsidiary for the purpose.
According to a PTI report: It plans to offer more than 100 exclusive ranges of products in these stores. Till date, the company has appointed 700 MBOs (Multi Brand Outlets) all over India and intends to take this network to 1,000 by the end of this fiscal.
The company plans to set up 10-15 EBOs (Exclusive Brand Outlets) by the end of this financial year, its Chairman R P Soni said.
It has already started its online retail initiative with c9fashion.com and has tied up with several online retailers in the country.
He said a 100 per cent subsidiary – Sangam Lifestyle Ventures – has been floated for its retail business.
The new subsidiary will focus on developing new exclusive chain of stores under C9 Fashion brand name while the company will continue to expand its multi-brand outlets.
“We have received an encouraging response to our recent foray into seamless garmenting. What enthuses us is that this response is despite the fact that we are yet to fully roll out our brand and marketing campaigns. We are hopeful of a much higher revenue contribution and better operating margin from this segment going forward,” he was quoted by PTI as saying.
Sangam (India) reported a 49.39 per cent rise in net profit at Rs 77.04 crore for the last fiscal.
Increased integration focus on exports helped the company maintain realisations, despite falling prices.