Pantaloon Etam JV to pump Rs 100 cr

New Delhi, May 3 (UNI) Etam, a French fashion apparel brand, today said its joint venture (JV) company Pantaloon Retail will invest Rs 100 crore to set up 40 outlets across fourteen cities over the next three years.

The 50:50 JV company -- Etam Future Fashion Pvt Ltd -- aims to become a Rs 100 crore brand in the Indian lingerie market by 2010.

''The estimated lingerie market stands at Rs 700-800 crore and is growing at 20 per cent rate annually. Etam will target women below the age of 30 years and will look at metros and other cities like Chandigarh and Bhopal for incraesing foothold in India,'' Etam Future Fashion Chief Executive Officer Jaydeep Shetty told reporters.

The company plans to open 20-22 stores on a standalone basis.

Etam products, priced between Rs 399-1200, are available in Pantaloon stores and Central Malls both owned by Kishore Biyani's Future group.

The products will be sourced from India and will be fully imported from France.

The company, however, has no plans to manufacture its products in India.

UNI