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Gitanjali Gems plans foray into apparels
05
Mar '11
Next to real estate and luxury lifestyle products, the Rs. 65 billion turnover Gitanjali Gems is now entering the branded apparels sector. The company is mainly recognized as a manufacturer and retailer of branded jewellery.

In order to support its large scale retail activities, the company proposes to launch its own clothing brands over the next six months, which would include three women's wear brands, one kid's wear and one men's wear brand.

The company, last year launched seven multi-brand outlets under the name 'Maya'. Each of the outlets is spread on an approximate area of 20,000 sq ft. These outlets owned by Salasar Retails, were bought out in 2009.

The company intends to further invest Rs. 120 million to launch five more 'Maya' outlets in Raipur, Ranchi, Cuttack, Agra and Hubli, over the next six months.

Gitanjali has adopted a revenue sharing model, under which premium lifestyle brands will display products at their own cost.

The company targets Rs. 10 billion in sales revenue from the Maya outlets over the next three to five years.

Fibre2fashion News Desk - India

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