SP Apparels to strengthen its retail presence

After acquiring a 60.14 per cent stake in Crocodile Products Private Limited from Shivrams Associates Private Limited, S P Apparels is now planning to strengthen its retail presence.

The company would invest Rs 25 crore in setting up 30 company-owned stores in all major cities, P Sundara Rajan, managing director, S P Apparels, told Business Standard.

It also plans to set up around 100 stores on franchisee arrangement exclusively for Crocodile products, thus taking the total number to 250 in two years, according to Sanjay Chandrasekhar, vice-president (Retail).

"We are holding talks with retail giants like Shoppers' Stop and Pantaloon Retail India Limited (PRIL) for selling Crocodile products," he added.

Crocodile, which offers men's wear clothing and accessories, would focus on younger audience with trendier and fashionable clothing.

"Currently, we are catering to the 30-plus age segment and would like to shift our focus to the 20-plus segment, on which we are bullish," Sanjay added.

The company also plans for a product remix and is likely to launch women and children wear soon. It also plans to set up a design studio by the end of this year, which will develop products for the domestic market on international design and quality.

"We hope to garner around Rs 25 crore from our retail operations during this fiscal year," he said.