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Planet Retail sells its 50 percent stake
09
Feb '11
The entrepreneur who launched Samsonite, the international luggage manufacturing brand in India, in a wake to boost his presence in the blooming retail market, has acquired 50 percent stake in Planet Retail, which sells various fashion brands such as Next, Guess and Nautica.

Intending to revamp the Planet Retail's portfolio, the entrepreneur plans to invest $120 million for setting up new retail stores and thereby considerably boost its earnings over the next few years.

The retailer company now manages eight brands in various segments like kidswear, fashion, beauty, departmental outlets and health. The entrepreneur presently intends to focus on five of these brands including, Guess, Nautica, Next, Debenhams and Accessorize for next three years, while rest of the brands – Sole Effect, The Body Shop, Oshkosh B'Gosh and Carter's would not be prioritized right now, as it becomes difficult to do justice to all the brands at a time when there are many.

A major portion of the Planet Retail's $25 million revenue comes from Debenhams department store. Debenhams presently operates one outlet in Gurgaon and is looking forward to launch three more outlets in other metro cities. The retailer has been renovating its outlets and has shut many of its non-profitable outlets, like it ceased the operations of 10 of its 13 Accessorize outlets, as it proposes to start more Accessorize outlets in those areas which have heavy consumer flow.

Fibre2fashion News Desk - India

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