Bangalore-based Scotts Garments Pvt Ltd, a $100 million apparel exporter, on Monday announced their maiden entry into the garment retail market in India. The company will cater to the retail-end under the name of Inmark Retail Pvt Ltd.
Announcing the launch of Inmark Retail Pvt Ltd, Naseer Ahmed, Chairman & Managing Director, said, “The idea of coming into the retail division is not solely business. It is also about realising the potential of domestic industry and bringing pride to the artisans by branding them independently and not under some foreign brand.”
The company plans to introduce readymade garments for men, women and children.
Ahmed, who has over 15 years of experience in garment industry, says, “The price tags of these foreign brands are highly inflated. These brands are manu-factured here and carry a price tag which are five times and in case of some brands, up to 10 times the manufacturing costs.”
This practice of unfair pricing by foreign brands is driving many middle and lower-middle class away from pursuing world-class fashions, he added. When asked if the move may hinder the company’s export potential, Ahmed swiftly replied, “Our products are of best quality and are branded globally, if the present partners have any problems with this move. We will look for markets in East-Asia and the huge domestic market.”
We have already made a mark in the Asian market by exporting to China, he explained.
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The company presently has 25 manufacturing units in Karnataka and Tamil Nadu, and provides employment to about 15,000 workers.
The Inmark retail chain is planning to invest Rs 50 crore by the end of present fiscal. The company has a roadmap for opening some 10 exclusive stores primarily in South India of which five would come up in Bangalore. The first Inmark store is set to open in Bangalore this week.
“The motto behind Inmark is about bringing more value for money for our countrymen and for reviving the practice of Swadeshi movement,” says the CMD. Inmark also plans to export in future, he added.