Aviraté looks at pan-India presence, to open 9 stores
Nov 25 2012 , Pune
“After we entered India last year with three company owned stores in Bangalore, our brand has grown rapidly and we plan to go pan India next financial year,” Jahid Osman, managing director at Fashion 365 Retail told Financial Chronicle. The brand will also enter the Far East, West Asia and Australia in the next two years with separate investments, he said without disclosing the amount.
He said the popular Aviraté brand from privately held Timex Garments is one of the top five apparel manufacturers of Sri Lanka with sales revenues of Rs 1,200 crore (FY2012). The firm derives 90 per cent of its revenues from garment exports to international brands such as Espirit, Wallis, M&Co, Jones New York, Diesel and Marks and Spencer, according to him.
“We have opened our fourth company owned Aviraté brand store with an initial investment of Rs 50 lakh spread over 1,400 sq ft area in the heart of Pune city last weekend,” said Osman. He said the brand offers a unique retail experience bridging the gap between expensive designer wear and common labels for the modern stylish women. “We position our garments in the premium segment,” he said. Aviraté aims to compete with Mango, Zara and Forever New brands in the Indian market.
“About 40 per cent of our customers are repeat customers month-on-month and therefore, since women do not repeat their attire, we introduce new collections every month,” said Osman. The new trendy styles are made in the firm’s designer house in London and Sri Lanka.
“We have already invested Rs 10 crore in India in stores and stocks and we will invest an additional Rs 10 crore to open nine more company owned stores across India in the next financial year,” added Osman. He said the firm will open four more stores across Chennai, Delhi, Mumbai, and Chandigarh in the next six months.
“While western apparel in India is growing by over 10 per cent year-on-year, our brand has been growing at over 20 per cent,” he said. India’s retail sector is currently estimated at around $450 billion, and organised retail accounts for around five per cent of the total market share, out of which the demand for ready made and western outfits is growing at about 40-45 per cent annually.