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Oswal wraps up its intimate wear division

15
Jul '08
The subsidiary of Oswal Group, Oswal Retail Pvt Ltd (ORPL), will wrap up its intimate wear business as well as pull down shutters of its 22 exclusive Straps stores that are spread across various cities including Delhi, Ludhiana and Gurgaon.

Official sources from Oswal Group informed that the Ludhiana based textile giant had ventured into the innerwear business in 2004, under the brand name 'Sensa' with an aim to cater the rising demand in Indian market. Oswal later renamed its brand to 'Straps' that offered wide range of garments including lingerie, swimwear, nightwear and maternity wear.

The Group had made a capital investment of nearly Rs600 million in this segment with an intension of opening 120 exclusive retail outlets by 2009 in different parts of the country. Oswal had even roped in some of the renowned foreign intimate wear brands like Parah, Rene Rofe, Women Secret and Moon Dance that were sold in Straps stores.

According to available statistics, the Indian lingerie market was expected to grow by Rs40 billion by 2009 and ORPL had planned to capture 5 percent share of the market by 2010.


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