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| Paradigm India forays into organised garment retail |
| Virendra Singh Rawat / New Delhi/ Lucknow Jan 19, 2012, 00:53 IST |
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Joining the bandwagon of organised retail in apparels, Paradigm retail India is planning to launch 100 ‘Fashion Station’ stores pan-India by 2015 starting from Uttar Pradesh and Uttarakhand.
By the end of current financial year, the company plans to open ten stores in major towns of the two states and later expand in other states, including Bihar, Assam, Madhya Pradesh, Rajasthan etc.
Mumbai-based Paradigm unveiled its brand, logo and business plans here last night. It also showcased its line of garments in a fashion show.
“We are primarily targetting the tier-II and III towns before foraying in big cities,” company Vice-President Chandan Mishra told Business Standard.
Fashion Station stores would stock both private labels and branded garments, accessories, toiletries and lifestyle products. “Our store size would vary from 3,000 sq ft to 15,000 sq ft depending upon the city,” he said.
The company is targetting revenues of Rs 50 crore by next year and almost Rs 400 crore by 2015. It would follow both company and franchisee owned models for growth. “We are in the process of selecting a brand ambassador from Bollywood to endorse our brand,” Mishra said.
He said the company would launch stores in high streets rather than malls, since the conversion ratio in malls was lower.
“We have the backing of 150 ready-to-wear casual, formal and ethnic wear brands, which would form 40 per cent of our portfolio,” he added.
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