Steele to invest Rs 10 Cr towards retail expansion

Premium men's clothing brand Steele has announced plans to invest Rs 10 crore in retail expansion.

The eponymous brand from the house of Chunmun is further planning to enter in the Delhi- NCR and Punjab regions.

They have plans to open around 20 more stores across the region.

Steele intends to use the crucial investment for creating a brand that would emote as the premium one stop solution for up-to-the-minute clothing in competitive markets like Punjab.

"The brand aims to bring a breath of fresh air into the stagnant Delhi/NCR and Punjab fashion where all premium brands have a "me too" outlook. Steele wants to cater to the modern outlook and set up a new trend for them at to avail at an affordable cost," said Surya and Sagar Suri, Founders, Steele.

Steele had earlier initiated the venture with a steady Rs 2 crore of investment. With this new round of investment, it is planning to expand its base in clothing for ladies as well. To cash in to the dotcom revolution, Steele is also launching its e-commerce portal in the upcoming days.

"In this competitive market, the basic necessity for sustainability lies on the online presence of a brand. So, we are also initiating online presence in coming years to increase accessibility of the brand," the founders added.