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Hucke AG & Novotex plan JV for exclusive childwear

24
Apr '06
Germany based clothing manufacturer Hucke AG is entering into a joint venture (JV) with Hyderabad based-firm Novatex Exim Pvt Ltd to set up Whoopi, an exclusive showroom for children wear.

R V Venkat, Managing Director,Novatex informed that manufacturing unit to be set up in Hyderabad having a capacity of 50,000 pieces would be functioning by June.

Investing around Rs 6 crore in plant and Rs 4 crore to develop the market, the company target around Rs 25 crore turn over during first year of operations.

It expects to reach Rs100 crore turnover within next three years, about Rs 30 crore of which will be from domestic sales, he added.

Of the total Indian readymade garment estimated at about Rs 43,000 crores, total childrenswear market stands at Rs7000 crores and among that the organised sector size is around Rs 500 crores.

Branded apparel segment is estimated to be growing at 7 percent, while unroganised segment is growing by about 20 percent annually.

Whoopi will set up an array of 20 exclusive kids wear stores catering ages 0 to 12, with accessories across the country.

Three stores would be in Chennai, one in Coimbatore, two in Ahmedabad and other outlets across Delhi, Bangalore, Kochi and Kolkata.

Of the 200 multi-brand outlets to be initiated by June, 20 outlets are to be set up in Tamilnadu, alone, he informed.


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