Menswear and accessories retailer Turtle is planning to open its first owned-store in Italy by the end of this month. The store will come up in Italy’s Cosenza town.
Initiated on a pilot basis, success of the project might prompt more stores in the Italian towns of Como and Milan.
“We will observe the response (to the offerings) for around six months before we take a call on setting up similar stores there,” Mr Shitanshu Jhunjhunwala, Director, Turtle, told
The store, in collaboration with a Milan-based design house, will offer both lifestyle brands – Turtle and London Bridge – of the company.
“We will be competing with the standalone apparel stores and private labels of different hypermarkets. We feel that there’s an opportunity to sell a good product outside India too,” he said. Products will be priced “affordably” between €15 and €30.
In India, Turtle competes in the premium and semi-premium segment while London Bridge is its mass market offering.
According to Mr Jhunjhunwala, the company is also eyeing partners in South Africa while it has tie-ups with retailers in West Asian nations such as Dubai, UAE and Baharin.
Exports currently account for 4 per cent (or Rs 5 crore) of the group’s Rs 122-crore turnover (in 2011-12).
Other than tie-ups with online retailers such as Myntra and ShopFormal, Turtle has, in May this year, introduced its own online shopping portal.
Denim & Accessories
According to Mr Jhunjhunwala, the company is already in talks with two UK-based brands to introduce its denims range. If talks fail, Turtle will introduce the range on its own.
“We plan to launch the denim range by 2013. It will have a different name,” he added. The company, currently, has denim offerings under the Turtle brand.
Also on cards is the introduction of its eye-wear range – that includes optical and sunglasses – during the festive season beginning September.
The range will be priced between Rs 2,000 and Rs 4,000 and compete with Titan Eye and Ray Ban. It also expects good traction for the accessories range – ties, cuff-links, belts, wallets - that account for another 5 per cent or Rs 6 crore of its turnover.