Marigold Group, having interests in petroleum, real estate, capital funding and manufacturing, has decided to invest Rs 5 crore for the expansion of its multi-brand retail outlets of fashion accessories. The expansion would be funded through internal accurals.
The company plans to open about 16 outlets across India by 2011, retailing multi-brand concept under XESS, including contemporary wear and accessories, as well as stand-alone single brand stores such as Judith Leiber at DLF Emporio, New Delhi.
Talking to Business Standard on the sidelines of an exhibition organised for the first time in Chandigarh at hotel Taj, Alpa Mehta, Head (Operations), said that they were running stores at three locations (two in Mumbai and one in Delhi). She said that they had decided to hold exhibition cum sale at Chandigarh and Ludhiana in order to have a first-hand experience of the reponse of the potential buyers.
“Punjabis are known for their high consumption pattern and we feel that it is an ideal market for the brands we deal with. As we have to open more than a dozen outelts, some of those would be in tier-two towns. So the feedback from these exhibition would help us to take a decision on our expansion”.
She said that they were eyeing both high streets and shopping malls for expansion and rentals were insignificant for the niche brands they were dealing with.
Marigold Group was formed in 2006 to set up various retail boutiques under different companies for importing brands in India in the ladies fashion wear segment in the retail market.
The group currently owns XESS brand. The XESS store retails XESS private label, Corset’s lingerie and XESS Couture which includes luxurious evening wear from Europe and the US. The company also has exclusive brands for India like Judith Liber, Argentovivo, Christies, Poleci and Walter.
Mehta said that she expected a good footfall in Chandigarh. The exhibition would be organised in Ludhiana for two days, starting from Wednesday.