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Cottonking to boost its presence in five states by year-end
16 Sep '11
2 min read
As a part of its expansion drive, Cottonking, a clothing producer based in Pune, aims to boost its presence in five States across India by close of the current year. The company plans to open 70 new stores in the States of Karnataka, Andhra Pradesh, Chhattisgarh, Maharashtra and Gujarat.
During inauguration of two 'Cottonking' franchise outlets in Hyderabad, the company's Chief Executive Officer, Koushik Marathe said the city has a budding market. He said the company penetrated in the city's market around six months back with launch of its four outlets and is now exploring possibilities for launching more outlets in the State.
Talking about future plans, he said the firm has plans to strengthen its presence in the existing markets before penetrating in newer markets.
The firm already operates 54 outlets in the States of Gujarat, Maharashtra and Andhra Pradesh and is exploring possibilities of penetration in Odisha and Rajasthan by next fiscal year, he said.
The company has reserved a sum of around Rs. 30 to 40 million in investment to support its expansion drive over next one year. So far, the firm has already spent Rs. 150 to 200 million for establishment of its production facility, operational support and designer team.
Cottonking operates a production facility at Baramati near Pune, which is spread on an area of 84,000 sq ft and houses a capacity to produce 2,000 to 2,500 pieces of garments each day.
Mr. Marathe stated that growth of the men's readymade garment segment is gathering momentum even in Tier II and Tier III cities, as the readymade garment market is growing at an average year-on-year rate of 50 percent.
He disclosed that the firm may even consider diversification in women and kids segments, once it establishes a strong presence across the country, over the next five years.
The company's portfolio currently comprises of two brands - mid segment brand Regalia and premium segment brand Royale.
Last year Cottonking clocked a turnover of Rs. 360 million and is likely to touch Rs. 550 million this year.
During inauguration of two 'Cottonking' franchise outlets in Hyderabad, the company's Chief Executive Officer, Koushik Marathe said the city has a budding market. He said the company penetrated in the city's market around six months back with launch of its four outlets and is now exploring possibilities for launching more outlets in the State.
Talking about future plans, he said the firm has plans to strengthen its presence in the existing markets before penetrating in newer markets.
The firm already operates 54 outlets in the States of Gujarat, Maharashtra and Andhra Pradesh and is exploring possibilities of penetration in Odisha and Rajasthan by next fiscal year, he said.
The company has reserved a sum of around Rs. 30 to 40 million in investment to support its expansion drive over next one year. So far, the firm has already spent Rs. 150 to 200 million for establishment of its production facility, operational support and designer team.
Cottonking operates a production facility at Baramati near Pune, which is spread on an area of 84,000 sq ft and houses a capacity to produce 2,000 to 2,500 pieces of garments each day.
Mr. Marathe stated that growth of the men's readymade garment segment is gathering momentum even in Tier II and Tier III cities, as the readymade garment market is growing at an average year-on-year rate of 50 percent.
He disclosed that the firm may even consider diversification in women and kids segments, once it establishes a strong presence across the country, over the next five years.
The company's portfolio currently comprises of two brands - mid segment brand Regalia and premium segment brand Royale.
Last year Cottonking clocked a turnover of Rs. 360 million and is likely to touch Rs. 550 million this year.
Fibre2fashion News Desk - India
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