Major Brands to invest Rs 260 cr in network expansion
Friday - June 14, 2019 8:02 pm , Category : BUSINESS
Chennai, June 14 (IANS) Major Brands (India), the Indian franchisee for several international lifestyle products, will be investing around Rs 260 crore over the next four years in expanding its retail network and setting up a warehouse in South India, a top company official said on Friday.He also said while opening its outlets in malls in major cities, the company will also be enterering Tier II cities."We plan to invest about Rs 260 crore over the next four years in expanding our retail outlets and also setting up a warehouse in South India. We want to double our retail network in four year's time," Major Brands (India) President Tushar Ved told mediapersons here."Currently, we have 160 standalone outlets for different brands. In addition we are also present in several big retail outlets under shop-in-shop model," he said.Major Brands represents several international lifestyle brand products in India and has opened exclusive brand outlets. The company has launched brands like Aldo, Aldo Accessories, Charles & Keith, Inglot, Lasenza, Beverly Hills Polo Club, Call it Spring, New Balance and Bath and Body Works.According to Ved, the owners of two international brands have shown interest in sourcing products from India for local and export markets.He was here to open the premium perfume and cosmetics brand Bath and Body Works outlet in the upmarket Express Avenue mall.Ved also said that apart from retail sales, gifting is a big segment for which the company will be talking to various corporates.Speaking about the outlets for different brands, he said that it differs from brand to brand. The outlets are sized between 200 sq ft to 2,500 sq ft."We prefer to have our outlets in malls where zoning is done properly. In the case of an existing mall, one can get numbers like footfalls, market size for the international brands," he added.Ved, however, ruled out Major Brands housing all the brands under one retail roof as it will not benefit the company.