Mumbai, May 7: World renowned Hart Schaffner Marx suits will adorn the rich and famous in India from November following a tie up Arvind Brands has firmed up with Hartmarx Corporation of the US. Besides Hart Schaffner Marx Suits, the agreement would also enable Arvind Brands to retail Pierre Cardin shirts and suits and Sansabelt trousers, Arvind Brands CEO J Suresh told newsmen here today.
Planning a Rs 150 crore turnover from the brands in three years time, the new line of brands would hit the stands in New Delhi, Mumbai and Bangalore first around November or December this year, he said adding that the brands would go to other cities in a phased manner. The Hart Schaffner suits to cost over Rs 25,000 each would be sold in exclusive outlets and imported along with Pierre Cardin suits, Sansabelt trousers and Pierre Cardion shirts would be tailored in India he added.
The Indian suit market was worth Rs 2,500 crore, with readymade suits having a business of around Rs 700 crore.
Mr Suresh said that the Company planned to open 40 more megamarts selling Arvind Brands this year with each of them having an investment of around Rs 60 lakh, five large retail outlets with a floor area of over 50,000 sq ft would also be set up with each of them having an investment of around Rs 10 crore. By the end of the year, there would be a total of 120 megamarts across the country, he added.