Oswal's retail arm to invest Rs 50 crore in expansion

New Delhi, July 18 (UNI) Oswal Retail Pvt Ltd, the retail arm of the Oswal group, today said it will invest Rs 50 crore in branded innerwear market, besides increasing the company-owned outlets across the country to 120 by 2009 from the present 11.

''The market for such goods in India is estimated at Rs 2,200 crore and is expected to grow at 70 per cent till 2009. We want to capture five to 10 per cent share of the organised retail market in the category by 2010,'' Oswal Group MD Adish Oswal told reporters here.

Of the sum allocated for expansion, Rs 20 crore had already been spent. The retail segment will contribute to 25 per cent of the overall targeted turnover of Rs 1,000 crore by 2010, he added.

The company-operated stores, under the brand name 'Straps' unveiled at a function will house over 15 domestic and international brands in the segment.

Oswal Retail has already tied up with Italian brand 'Parah' and is eyeing more agreements with other international players.

Earlier, the company operated its retail segment under the label 'Sensa'.

The north and west will constitute 65 per cent of the company's stores followed by Hyderabad and Bangalore in the south.

It will earmark about Rs 3 crore for marketing of the new brand in the form of advertisements in the print media, direct sales, Customer Relationship Marketing and above the line (ATL) and below the line (BTL) marketing.

The first campaign will start July 22 onwards, Mr Oswal said.

The firm will also introduce a in-house label in September this year, for which it will outsource the goods from Sri Lanka and fareast.

''We still do not have skilled labour in the country, therefore we will not manufacture here,'' the company MD said.

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