Indian Terrain Fashions Ltd, the company which recently de-merged with Chennai-based apparel manufacturer Celebrity Fashions Ltd, is planning to foray into premium jeans wear segment soon. It has set a target of Rs 150 crore as turnover this year, an increase of 23 per cent from the last year.
The company would import denim exclusively from a US-based manufacturer, who also manufactures denim for premium brands in US, said a company official. The company currently offers a range of men's wear including smart casuals and formals.
Speaking after the company's AGM, S Surya Narayanan, director and chief financial officer, Indian Terrain Fashions Ltd, said the company would launch the new jeans wear, in the premium denim segment, by October this year.
He added the segment would be above Rs 2,500 for a pair of jeans. At present the company is present in the mid-segment, with prices above Rs 1,000 for a pair of jeans.
According to the company's annual report, the branded wear business stakes in India is around Rs 60,000 crore. Predominant amount of business in the sector for the country is through branded retail and this includes all kinds of small and big brands sold through small and big sized retailers.
The brand Indian Terrain has recorded an increase of over 50 per cent during the fiscal 2010-11, at Rs 121 crore as against the Rs 80 crore posted during the previous year. It has set a target of Rs 150 crore for the current fiscal. Currently, the company has 71 exclusive outlets, across the country.
Indian Terrain was incorporated in September, 2009, as a the domestic brand of Celebrity Fashions Ltd, which has exports of apparels to various countries.
The management decided to de-merge the Indian Terrain division as a separate entity, in order to explore the growing demand in the domestic market. The Madras High Court approved the demerger scheme between Celebrity Fashions Ltd, Indian Terrain Fashions Ltd and its shareholders and creditors in August 2010.