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Lakshmi Mills enters garment sector by launching new brand
06 Oct '06
1 min read
Lakshmi Mills Company, South India's textiles producer, declared its entry into garment retail by launching Tyche Life, which is its western casual clothing brand. This entry aims at accomplishing the company's forward integration.
Vice President N Jaychander informed that company wants to achieve Rs10 crore turnover by March 2007 and hopes to reach Rs25 crores afterwards.
Company has planned investment of Rs60 crores for modernizing its yarn units in Palladam, Coimbatore and Kovilpatti cities of Tamil Nadu.
Jaychander said company was expecting exports to increase from Rs15 crores to Rs30 crores by 2007-08, after modernization. He added that Tyche Life will be exported to US and Europe.
He said Tyche Life was targeting middle and upper middle classes and it included informal wear in price range of Rs400 to Rs1,500 for ladies, gents and children. By 2007 end, 800 stores will house the brand and company expects sales of one million pieces per year.
Vice President N Jaychander informed that company wants to achieve Rs10 crore turnover by March 2007 and hopes to reach Rs25 crores afterwards.
Company has planned investment of Rs60 crores for modernizing its yarn units in Palladam, Coimbatore and Kovilpatti cities of Tamil Nadu.
Jaychander said company was expecting exports to increase from Rs15 crores to Rs30 crores by 2007-08, after modernization. He added that Tyche Life will be exported to US and Europe.
He said Tyche Life was targeting middle and upper middle classes and it included informal wear in price range of Rs400 to Rs1,500 for ladies, gents and children. By 2007 end, 800 stores will house the brand and company expects sales of one million pieces per year.
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