Tendulkar, Arvind form JV for men's apparel brand
Indian cricket legend Sachin Tendulkar has started another innings in business, teaming up with fashion retailer Arvind Fashion Brands for a joint venture to launch a premium men's apparel brand. The first 'True Blue' outlet will come up in Mumbai, in May, the Economic Times has reported.
"The thought of crafting something highly iconic, that every Indian can talk to, has been on my mind for a long time," said Tendulkar who retired from international cricket in 2013. "When Arvind Fashion Brands shared this vision with me, there was a real synergy in our thoughts. True Blue is a very subtle in that manner, with its own way of making loud statement. It is my taste, what I like to wear."
Neither Tendulkar nor Arvind Fashion Brands have disclosed the shareholding pattern. Apart from taking an equity stake, Tendulkar has also spent a considerable time in helping the True Blue team design the new collections.
"Our expertise, matched with Sachin's unmatched love for anything Indian, boosted our decision and that brought into play this significant JV partnership," said Arvind Fashion Brands and Arvind Sports Lifestyle CEO Rajiv Mehta. With the growing men's wear category, the Arvind group is eyeing revenue of Rs 200-300 crore from True Blue in the next five years. "We will be launching in Mumbai and (then) Bengaluru. Once we launch, we will see traction from real estate developers.
“We plan to open 25-30 stores in the near future," said Mehta. The brand is targeted mainly at men aged 28-40 years. It will initially launch casual and formal wear in the price range of Rs 1,200-3,500 and premium evening wear costing up to Rs 8,000.
True Blue will venture into accessories, too. Puneet Jain, Chief Operating Officer at Arvind Fashion Brands, said: "After establishing clothing line, we will look at other categories like small leather accessories for men, including belts and wallets. We don't see ourselves getting into women's clothing or accessories." (SH)
Fibre2Fashion News Desk – India