"Indian organised retail is growing at a very impressive pace and we really want to tap this growth. We have decided to invest up to Rs 200 crore in the next five years in setting up 450 exclusive stores in 100 cities across the country," Triumph International (India) General Manager and Country Head Thorsten Allenstein said.
Of the 450 stores, 10 would be flagship stores while the remaining 440 would be set up through the franchisee route.
"Our flagship stores will have an entire range of our collection, while the normal outlets will showcase only select items," Allenstein said.
The company has committed to investing $55 million in the country by 2009, of which $30 million have already been invested in setting up a large manufacturing facility in Chennai. The facility, which currently employs 1,300 people, would employ more than 5,000 people when fully operational.
"Initially, the facility would be used for export and later it would be dedicated only to cater to the Indian market. We will invest $25 million (nearly Rs 100 crore) in setting up 100 exclusive stores by the end of next year," Allenstein said.
Triumph is also in the process of finalising a deal for a joint venture for its retail business and is expected to announce the deal by the end of this week.