Turtle Ltd, a Kolkata-based leading menswear brand, sees no challenge in allowing 51 percent foreign direct investment (FDI) in multi-brand retailing in the country.
“A lot of foreign brands like Tommy Hilfiger, Zaara have come into India already. In life style men’s segment, it is good to have such competitions. Turtle as a brand occupies a niche position in the market. Our product prices are ranged between Rs 1000 and 1500 which is much lower than the prices of the foreign brands. So I don’t think there will be any direct competition. On the contrary presence of high end foreign players in the multi brand retailing sector would aid demand growth, which would benefit the smaller player as well, “said Sitanshu Jhunjhunwala, Director, Turtle Ltd.
It may be noted, India has already allowed FDI up to 51 per cent in single brand retail and 100 per cent FDI in wholesale trading.
Jhunjhunwala , who was here to unveil the company’s ‘Unforgettable’ collections- its latest offering for the upcoming festive season , feels that there is no competition for the company’s brands as they are positioned at the entry level of the premium segment. “So the competition is within ourselves”, he said.
Presently the company has 50 Exclusive Brand Outlets (EBO’s), out of which four are in Orissa (three in Bhubaneswar and one in Cuttack). About expansion plans, he said, “we are planning to open EBO’s in Rourkela, Sambalpur and Berhampur”.