Priority One in Rs 50 cr retail push

One more player in the area of fashion is now planning to join the booming organised retail sector with opening of about 60 new stores on its cards in major cities in next two years.

Mumbai-based Priority One Marketing Private (Pomp) is also planning to invest Rs 50 crore by the year 2010 for expansion of its chain of retail stores 'Just In Vogue'.

The company launched its first outlets in Gujarat in Vadodara last week with an investment of Rs 30 lakh and plans to launch three more in Ahmedabad, Surat and Rajkot. These would be ready in next two months. Pomp is eyeing revenue worth Rs 1.5 crore from its Gujarat operations by the end of the current fiscal.

Just in Vogue sells life style accessories such as watch, pen, sun glasses, jewellry, perfume. It intends to invest about Rs 50 crore in next five years to execute plans to spread its network.

The stores will sell life style accessories only unlike bigger stored engaged in sales of various other products such as garments and like.

"The company is in different stages of site selection and acquirement currently and is likely to launch a store in Ahmedabad in a month or two," he said.

Sangani was in Vadodara last week on the occasion of POMP's first retail outlet in Gujarat involving an investment of Rs 30 lakh.

Sangani said the company expected to garner annual gross sale of Rs 1.5 crore from all its five exclusive outlets in Gujarat, by the end of current financial year.

"The company is confident about the least competition from other players on account of being an exclusive outlet for lifestyle accessories" said Sangini

"This is new concept for India that is dominated mainly by unorganised and fragmented players," added Sangani.

POMP has an equity base of five crore and whole owned by family members and friends of the promoters.