South India Shopping Mall (SISM), a Hyderabad-based company that promotes traditional ethnic garments and jewellery from across the four south states, is embarking on an expansion plan, which will see the company invest around Rs 500 crore in its malls business by the end of the 2014 calendar.
“We are in the process of opening a mall in Vijayawada by this December, followed by launches in Nellore and Warangal by early 2013, each with a carpet area of over 25,000 sft. We will expand our horizons to Tamil Nadu and Karnataka, a store each to begin with, during 2014,” PVL Spandana, director of SISM group, told Business Standard.
SISM currently operates two malls in Hyderabad. It opened its third store with a carpet area of 100,000 sft, involving an investment of Rs 80 crore (including infrastructure and inventory) in the city today. The company also roped in Tollywood actor Mahesh Babu as its brand ambassador.
The expansion will be funded through a mix of internal accruals and bank loans, she said, adding that the increasing demand for traditional wear, coupled with the proposed expansion, was expected to drive the group’s turnover to touch Rs 800 crore this financial year, as against Rs 650 crore last fiscal.