Financial Daily from THE HINDU group of publications
Wednesday, Dec 04, 2002
Financial Daily from THE HINDU group of publications Wednesday, Dec 04, 2002 |
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Corporate
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Outlook Marketing - Brands Madura Garments to tap fashion accessories Our Bureau
MUMBAI, Dec. 3 MADURA Garments, from the A.V. Birla group, intends to tap the market for fashion and style accessories. This segment of the domestic market is estimated to be worth Rs 1,200 crore per annum. Currently, branded accessories account for just 20 per cent of that sales. Madura Garments plans to launch ties, socks, belts and handkerchiefs for men, and scarves, belts and handbags for women, according to Mr Vikram Rao, Group Executive President, Textile & Apparel, A.V. Birla group. Over the next three years, a tenth of the company's turnover would come from this accessories business. Meantime, its total turnover is projected to touch Rs 650 crore, in line with a planned 20 per cent growth for itself while the market grows at 15 per cent. Madura Garments is estimated to have a 35 per cent share in the market for premium shirts and an over 20 per cent share in the market for premium trousers. According to Mr Rao, Madura Garments' approach would be two pronged — licensing of accessories for the company's own brands and tie-ups with leading accessory manufacturers. The accessories will be marketed through Madura Garments' exclusive showrooms, including Planet Fashion and Trouser Town, in a phased manner over the next 12 months. There will be space at retail outlets for accessories hailing from outside the Madura Garments brand line-up. The company outlined this here with a `Tie Festival' at its Planet Fashion retail outlet, displaying an extensive range of ties under own brands such as Van Heusen, supported additionally by the presence of ties from international names such as Donna Karan, DKNY and Yves Saint Laurent.
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