Apparel brand Arvind Fashions is planning to open 50 new stores of its men's fashion brand Arrow in tier II and III cities this financial year, a senior company executive said.
It is also looking to refurbish 40 of its existing 250 Arrow stores in the metros and tier I cities.
"We will open 50 new stores in tier II and tier III cities this financial year, where the market is growing," Sumit Dhingra, chief executive officer, heritage brands division, Arvind Fashions, told PTI here.
"We will go through the franchisee model, and only 20 per cent of the stores will be owned by us," he added.
The company, which opened its first refurbished concept store in Mumbai on Monday, is also planning to refurbish 40 of its existing 250 Arrow stores in the metro and tier I cities this year, according to Dhingra.
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"The company will look to refurbish all its stores over the next three years," he added.
Each store is about 1,000 sq ft and according to Dhingra, the company is spending about Rs 50 lakh per store, for redesigning them.
Besides Arrow, other licenced international brands of Arvind include Gant, Nautica, Izod, US Polo Association, Elle, Ed Hardy, Hanes, Cherokee, and Geoffrey Beene. The company also has a portfolio of 12 of its own brands.
Arvind has a joint venture with PVH Corp. for the Tommy Hilfiger and Calvin Klein businesses in India. It also runs value retail chain Megamart.
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