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Prateek Apparels enters retail

BS Reporter  |  Chennai/ Bangalore 

Launches its first lifestyle mall in Bangalore.
Bangalore-based Prateek Apparels, the Rs 125-crore garment manufacturing arm of the Phulchand group of companies, has forayed into organised retail business with the launch of its first lifestyle mall 'Coupon' here today.
The first store on Hosur Road is spread over four floors with a total space of 50,000 sft area. The company aims to open at least 12 such malls across the country within the next one year through its retail arm ""Prateek Lifestyle -- at an investment of Rs 150 crore.
Said Pradeep Agarwal, managing director, Prateek, "Over the last one decade we have been in the apparel and fashion sector. Now we have entered into the fast-growing retail business with our own branded retail chain. Through this venture, we will provide national and international brands across categories at the best of prices."
He said the company aims to open 50 malls spread over 3 million sft area by 2010 for a combined investment of Rs 400-500 crore. Each mall will have an average size of 60,000 sft space. In the first year, it will cover 14 cities including Ahmedabad, Chennai, Delhi, Indore, Jaipur, Mumbai and Raipur. The Bangalore store is set up at an investment of Rs 14 crore.
With 12 stores by the end of the first year, the company aims to generate revenues in the range of Rs 250-300 crore.
He said 'Coupon' malls will cater to men, women and children with a range of apparel, footwear and accessories. Coupon will also sell cosmetics, toiletries, home linen, toys and electronic goods.
Agarwal said the company has also tied up with an American company to open a My Dollar Store in all its malls, where it will sell all imported personal products, food and home stuff priced at Rs 99 per item.

First Published: Thu, June 28 2007. 00:00 IST