Alok Industries, the Rs 4,000-crore textile major, is preparing an expansion plan for its international and domestic retail ventures to take advantage of the growing spending in apparels, a top company executive said.
Grabal Alok, part of the Alok group, plans to add 25-30 stores to Store Twenty One, a value retail chain in the UK in 2010. The company plans to take the number of Store Twenty One to 300 by the end of 2011 from 215 now, he said. In 2007, Grabal Alok acquired the retailer Hamsard 2353, which ran stores under the ‘qs’ brand. Alok changed the name to Store Twenty One.
Store Twenty One registered a profit of £0.07 million in the first quarter of FY 2011 as compared to a loss of £0.45 million in the corresponding period last year.The chain posted a turnover of £117 million in FY 2010. The company is expecting total revenues of £145 million from the UK venture in FY 2011, he said.