Menswear apparel and accessories retailer Turtle is planning to add its own denim wear brand in its portfolio in the next 12-18 months.
This comes after the retailer's earlier plans to bring in an international denim wear brand to complete its Indian portfolio failed to make any headway. The Future Group has a minority stake in the company.
“We were in talks with some international brands. But most of the popular brands have their own plans to enter the Indian market and were not keen on licensing. This has prompted us to plan our own product under the Turtle brand,” Mr Amit Ladsaria, Director of the company, told
He was in the city to open its second exclusive store, with plans to open about six more in this fiscal.
The company was looking at licensing an international brand or bringing it to India on a royalty basis. Its new product will have denim wear, T-shirts and caps targeted at youth.
It has also decided to keep its plans to expand its international sales to South Africa on the backburner and instead increase its market penetration in India.
The Kolkata-based retailer is planning to add products such as deodorants, sun glasses and shoes in its portfolio in the next 12 months. “We are ready to launch eye-wear products in the next three to four months, with a price tag of between Rs 1995 and Rs 2995,” Mr Ladsaria said.
This will be followed up with launch of deodorants and shoes in the next nine months. Turtle shoes, which will be competing with brands such as Red Tape, will be priced between Rs 2,995 and Rs 3,995 under the semi-premium category. Clocking revenues of Rs 122 crore last fiscal, the company, which is targeting an earning of Rs 175 crore this year, will be investing about Rs 27 crore to increase its outlets and ramp up capacity. From 55 exclusive stores, it plans to have 100 by this year end, with 60 per cent in tier II and III cities.