Scotts Garments Pvt Ltd, a US$ 100 million apparel exporting firm based in Bangalore, has announced its penetration in garment retailing business in India. The firm has revealed that the new business would be run under the name of Inmark Retail Pvt Ltd.
The firm intends to present a range of readymade apparels for children, men and women under the new segment.
Announcing the launch of the new business, Naseer Ahmed, Chairman & Managing Director, said the company did not opt to penetrate into the retail segment just for the sake of business, but it is also aimed at tapping the potential of the local industry.
Doing this, he said, the company wants to earn recognition for the local artisans by independently branding their products, rather than branding them under some foreign label.
Mr. Ahmed, who is associated with the garment industry for more than 15 years, said the foreign firms charge extravagantly even for the goods that are produced in India. He said the foreign brands exaggerate the prices of these goods by almost five times the actual cost of production, and even by 10 times in case of some products.
This practice of overpricing the products is preventing several lower and middle income group people in the country from following the world fashion, Mr Ahmed said.
Further, Mr. Ahmed said that their products are of premium quality and are internationally branded, and hence none of its existing trade partners should have any objection to its venturing into the domestic market, but still if any issues come up they would try to explore the local and East-Asian markets.
He said the company has already laid its footprints in the Asian markets as it ships its products to China. Presently, the company operates 25 production units in Tamil Nadu and Karnataka and employs around 15,000 workers.
During the current fiscal, Inmark retail chain proposes to invest Rs. 500 million, and plans to first start around 10 exclusive outlets in South India, with five of them in Bangalore. The first Inmark outlet is scheduled for launch in Bangalore this week.
The notion behind the domestic retail penetration is to give the Indian customers value for their money, Mr Ahmed said and added that Inmark also proposes to export in future.
Fibre2fashion News Desk - India
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