(with corrections)

New Delhi, May 4 (UNI) Etam, a French fashion apparel brand, has said its joint venture (JV) company with Pantaloon Retail will invest Rs 100 crore to set up 40 outlets across 14 cities over the next three years.

The 50:50 JV -- 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 growing at a 20 per cent rate annually, we aim to garner Rs 100 crore in the next three years. Etam will target women below the age of 30 years and will look at metros and other cities like Chandigarh and Bhopal for increasing its foothold in India,'' Etam Future Fashion CEO Jaydeep Shetty told reporters here late last evening.

Etam's product portfolio includes swimwear and innerwear for day and night, but its JV with the Future Group in India is only for its range of lingerie.

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

The company will open 20-22 stores on a standalone basis in the near future. Eight of these will be in Delhi and NCR.

''The products will be sourced from India and will be fully imported from France,'' said Mr Shetty.

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

UNI