Planet Retail, that has brought global brands such as Nautica, Debenhams, Accessorize, Guess and Lavie in India, will focus on expanding in South and West India in the next three years. “About two-thirds of the investment of $100 million (Rs 450 crore) that we have lined up for the next three years will be used to increase our footprint in South India,” said Mr Ramesh Tainwala, Chairman, Planet Retail.
The 72-store retail chain which originally owned eight global brands had frozen expansion of brands such as OshKosh B'Gosh, Sole Effect and Carter's. But now it plans to bring at least two more in the next one year.
“We are in talks with international lifestyle brands in the mid to premium segment and will soon firm up the plans,” Mr Tainwala said. These brands, he said, would fit into the lifestyle segment that it already operates in.
Planet Retail is also test marketing brands that it has created with designers like Manish Malhotra and Manish Arora. “There is opportunity for scale in India now and we would like to godfather a few brands for everyday wear,” he said.
Retail outlets
Mr Tainwala said that he would like to see opening of at least 250 retail doors for Planet Retail in the next three years. The retail chain, he said, has not gone in for a high profile marketing of its brands as its retail footprint is limited to a few markets.
Currently, Planet Retail has a single outlet of Debenhams in Gurgaon, but plans to rapidly scale this up to 25 doors in the two years.
The company went in for a restructuring exercise early this year when Mr Tainwala acquired a 48 per cent stake in Planet Retail. Mr V. P. Sharma, the other promoter, owns the rest. Planet Retail is at a turnover of Rs 250 crore with plans to clock Rs 2,000 crore in 2015, Mr Tainwala said.