1. Tablez India ties up with Grupo Cortefiel, to open first Springfield store in Bengaluru

Tablez India ties up with Grupo Cortefiel, to open first Springfield store in Bengaluru

Tablez India has tied-up with Spanish fashion Retailer Grupo Cortefiel to launch brands like Springfield and Women's Secret in Bengaluru this year.

By: | Mumbai | Published: June 6, 2017 5:30 AM
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Tablez India has tied-up with Spanish fashion Retailer Grupo Cortefiel to launch brands like Springfield and Women’s Secret in Bengaluru this year. Tablez India is a unit of Abu-Dhabi based LuLu Group and has a franchise agreement for India and Sri Lanka with Spanish fashion retailer Grupo Cortefiel. The company plans to open 40 stores over the next five years, Adeeb Ahamed, managing director, Tablez told FE.

“We feel this is the right time to launch and we want to introduce brands across categories. Fashion is one of our focus areas,” Ahamed said.

Springfield, the casual-wear brand, will be sold through a mix of large format flagship stores and exclusive brand outlets. Women’s Secret an inner wear and sleep wear brand will be sold mainly via exclusive brand outlets. Pankaj Renjhen, MD( retail), JLL, said, competition in the fashion space was intensifying even as demand was growing. “However, foreign brands are finding it hard to expand due to the lack of quality space in Tier I markets. Tier II and Tier III markets need to accept fast fashion,” Renjhen said.

Grupo Cortefiel is one of Europe’s leading fashion retailers operating in the specialised chain segment. The Group is present in 90 countries with 2,178 points of sale and its turnover for 2015 was Euro 1,095 million.

Springfield will compete with brands like Gap, Aeropostale, H&M among others, catering to mid segment fashion and offering merchandise at similar or slightly lower price points. Created in 1988 the brand targets clients between 18 to 35 years old, with a young, urban and casual style.

Other international brands are planning to enter India partly because growth in global markets like US and Europe is slowing. Kavindra Mishra, managing director, Pepe Jeans, said India is the best performing market for Pepe Jeans. “Brands like Uniqlo, and Ted-Baker plan to be here,” Mishra said.

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