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Siyaram to spend Rs 15 crore for 15 new Cadini stores
24
Jun '16
Siyaram Silk Mills plans to open around 15 Cadini stores at a cost of Rs 15 crore in the current fiscal. Siyaram had bought rights to manufacture and market Italian fashion brand Cadini last year.

“We had acquired the brand rights for Cadini last year and had launched the fabrics. Now with the launch of the readymade garments, our plan is to open 10-15 stores this year. The total capital expenditure that we are planning for the stores would be around Rs 15 crore,” Siyaram's Executive Director Gaurav Poddar told the Deccan Herald.

“Our aim is to have these stores on high streets and destination shopping malls of metro cities including Mumbai, Delhi, Pune, Bangalore, Chennai and Kolkata,” Poddar said, adding that initially, these stores will be company-owned and operated, and subsequently Cadini will offer outlets on the franchise model as well.

In 2015, India's menswear segment registered a retail value growth of 15 per cent with sales touching Rs 1.3 lakh crore. Founded in 1970, Cadini has presence across 40 countries. In pursuit of expanding its global footprint, Cadini had established its presence in India as part of the global venture of Siyaram's.

Poddar is confident that Cadini will add more revenue. “Last year, Cadini clocked revenues of Rs 45 crore. We are aiming for revenues of around Rs 125 crore in the current fiscal from Cadini,” Poddar said.

But for now, the company is not planning to add any new international brand to its portfolio and would instead focus on expanding its existing portfolio by adding more range, Poddar added. (SH)

Fibre2Fashion News Desk – India

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