Financial Daily from THE HINDU group of publications
Friday, Dec 09, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 09, 2005 |
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Marketing
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Retailing Corporate - Diversification Provogue steps into footwear business Our Bureau
Mumbai , Dec. 8 PROVOGUE India Pvt Ltd has announced its entry into the footwear segment. The apparel company has entered into an exclusive licensee arrangement with M&B Footwear (Pvt), one of India's leading shoe manufacturers. As per the agreement, M&B will have the exclusive rights to manufacture and market the Provogue footwear collection. With its foray into the footwear segment, the company is targeting a turnover in excess of Rs 30 crore in the next 3 years. Through this venture, the company aims to enter the organised retail footwear market that represents 8 per cent of consumers' fashion spend in the country. The Fall-Winter'05 Provogue Footwear Collection will be launched at 150 retail counters in Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Chandigarh, Ludhiana, Ahmedabad, Baroda, Surat, Rajkot, Pune, Nagpur, Indore, Jaipur, Patna, Ranchi, Gurgaon, Noida and Lucknow. Capitalising on the expanding footwear retail segment and the unfilled demand for classic trendy semi-casual shoes, PIL and M&B have ventured into the same. M&B, renowned for innovation and quality control, houses international brand in its portfolio and will soon set up a production unit at Noida (UP) and Baddi (HP). To mark the initial phase, the collection will be launched in a select chain of retail outlets such as the Provogue Studios, Walk-in-M&B, Metro, Regal, INC 5, Pyramid, Saga and other multi-branded outlets. As part of future plans, the company plans to roll out 100 additional outlets by March 2007, establishing its presence in a total of 250 retail outlets, which should further expand into a total of 600 within the next 3 years. The Provogue footwear collection aims to target the young trendy executive whose needs change in sync with the demand for an updated lifestyle in the existing fashion conscious scenario. The Fall Winter'05 Provogue Footwear collection offers a choice of 25 styles comprising 60 sequences which includes Basic, Trendy, Sporty, Formal Chic & Club wear for ones soles.
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