(Eds: Correcting last quote)
Mumbai, Apr 4 Textile-to-retail conglomerate Arvind today launched its ready-to-wear private label for men, and announced plans for expanding its retail footprint by adding 60 stores this fiscal year, a company executive said.
The company plans to retail the 'Arvind Ready to Wear' collection in 127 cities, at its exclusive stores, and online on Amazon.In and nnnow.Com.
J Suresh, managing director and chief executive officer of Arvind Lifestyle Brands while talking to here said its retail stores will have a mix of 80 per cent of sales in fabrics, and the collaborative brands, while the rest is expected to come from its private label.
"Over time, we expect our brand sales to increase, as the company is looking to increase the overall play in the business-to-consumer segment," he said.
Currently, Arvind produces about 50 million garments in a year, which is mainly for branded apparel, and exports.
"The strong growth trends in the men's ready to wear category coupled with the customers' need for comfortable, fashionable apparel, which delivers value has opened up a significant opportunity that we are addressing with Arvind - Ready to Wear," he added.
Suresh also indicated that the company is expanding its retail footprints with 60 more exclusive retail stores planned to be opened this year.
The company has 150 stores at present, and is planning to add a 100 stores annually over the next three years.
Fabrics and branded apparel accounts for about Rs 800 crore in revenues for the Rs 7,000-crore company at present.
"We are looking to increase the revenues from fabrics and ready-to-wear to Rs 1,000 crore in two years," said Suresh.
Arvind offers over 15 global brands and retail formats across various apparel and fashion categories in the country at present.