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Monte Carlo to expand share of non-woollen based clothing
16
Nov '11
Looking forward to make the most of its strong brand holding in woollen space, Monte Carlo, a leading Indian apparel wear brand, intends to expand its share of non-woollen based clothing, particularly cotton based garments and proposes to establish a new garment facility for the same.

The company seeks that it should offer clothing for all seasons and not just for winter. Woollen garments presently account for 63 percent of the firm's turnover while the rest comes from cotton-based clothing. The company seeks that the share of cotton based garments should each year grow by five percent of total sales.

To fund its expansion and set up the new garment facility, the company proposes to raise around Rs. 3.3 to 3.8 billion through private equity placements in Monte Carlo Fashions and an Initial Public Offer (IPO) during next year and intends to dilute its 25 to 30 percent stake for the purpose.

Earlier this year, Monte Carlo Fashions was carved out as separate entity of Oswal Woollen Mills Limited to cash in on the brand value of Monte Carlo, the company's 17-year old brand.

Monte Carlo, a subsidiary of Punjab-based Nahar Group is already consulting some of the private equity players for stake sale and it is expected that the private equity placement would take place prior to close of the current financial year.

The new facility would incorporate an annual production capacity of producing 1.8 million pieces. This would come as an addition to the firm's already existing facility which operates with an annual production capacity of 1.2 million units.

Further, as the firm is considering better market penetration and intends to expand its network across India, it proposes to gradually increase the number of its stores from the current 130 to 250. However, more emphasis would be on opening new outlets under franchise model.

Monte Carlo would also put up its fashion garments for sale at 800 multi-brand outlets in the country.

Fibre2fashion News Desk - India

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