| Aditya Birla Nuvo to invest Rs 100cr in apparel retail |
| BS Reporter / Bangalore September 14, 2006 |
| Aditya Birla Nuvo, which owns the Bangalore-based Madura Garments, will increase investments to improve its retail presence. The additional investments are in line with achieving a turnover of Rs 1,000 crore from retail sales of branded apparel by the end of the current fiscal. "Over the next three years, we intend to invest Rs 100 crore to open more stores," Vikram Rao, director of Aditya Birla Nuvo said. The investment will go towards exclusive outlets for the five apparel brands and Planet Fashion Stores where all brands are available. Rao added, "We are planning 40 Planet Fashion stores in the coming years." In the previous financial year, the company reported an income of Rs 535 crore from retail sales. "India is at the cross roads of consumerism. We are witnessing a retail revolution. By cashing in on the boom, we intend to cross the Rs 1,000 crore mark through retail sales by the end of the current fiscal," Rao added. As part of its plans to expand its product portfolio, the firm launched |
