The National Textiles Corporation (NTC), which works under the Union textile ministry, has launched its own garment brand — Indian Republic with a plan to set up over 300 retail stores for selling these readymade wear in the next two years.
The trigger to enter the garment sector with own branding by the NTC was to provide high-quality garments in a reasonable price range to the fashion- conscious youth of the country, said Union Minister for Textiles KS Rao after formally launching the brand on Wednesday.
Starting initially with the men’s wear the India Republic brand will have an ent-ire range of garments, including women’s wear in the near future, according to the minister.
Also Read
It has set up one store each in Hyderabad, Chennai, Bangalore and New Delhi.
The NTC has tied up with four garment manufacturing units for supply of these garments and the company expects to reach a turnover of Rs 250-300 crore.
Over 120 retail stores will be set up across the country by March, 2014, according to R K Sinha, chairman and managing director of NTC. The prices of the garments will be in the range of Rs 399-1,499 whereas the existing brands with similar product specifications in the market comes at a minimum price of Rs 999, said Aloke Banerjee, director (marketing) of NTC.
The NTC also has plans to set up a composite textile unit at an investment of Rs 500 crore in Andhra Pradesh.
Disclosing this, the textiles minister said his ministry had already asked for a suitable piece of land from the state government for the proposed project.
Though AP is a large cotton producing state, the textile industry has not grown beyond the spinning activity, he said. NTC’s initiative is a step to fill this gap.
Rao also said his ministry was willing to promote at least four textile parks in the state that can attract investments of up to Rs 4,000 crore in the textile and garment sector.
The minister said the new initiative of launching own garment brand by the NTC was also aimed at targeting the overseas markets in addition to the domestic market.
He said India garment exports this year was expected to be worth about $20 billion as compared with $17 billion last year.
