The retail juggernaut is on a roll

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: Essel enters apparel retailing
Corporate Bureau
New Delhi, Mumbai, Oct 27
Following the announcement of major corporates including the Tata Group and Reliance Industries to foray into specialised segments of retail, Subhash Chandra-owned Essel group on Friday said it is entering the international apparel and fashion accessories retail segment with an investment of $40 million in the next three years under the name Gavel Fashion.

“We are looking at 60 stores in the next few years. Most of our stores will be in five-star hotels. We aren’t planning to tie up with any retail chain since we will not be targeting mass markets,” Gavel Fashion CEO Gagan Goel told FE.

The stores will be under single as well as multiple brand formats depending upon the brands. The company is planning to market around 20 international brands, and has already signed up two brands so far, Goel added.

Meanwhile, a media release said that the company is planning to achieve a turnover of Rs 300 crore in the next three years, adding that Gavel Fashions aims to become a key player in the niche fashion retail industry of the country, providing “value for money products to niche consumers who appreciate quality in their life.”

Delhi, Mumbai, Bangalore and Kolkata are some of the cities where these stores will be opened, the release said, adding that the stores will be a combination of mono-brand and multi-brand stores depending on the brand and the city of launch. The Essel group has interest in other businesses including media and entertainment, amusement and theme park, packaging, tele retailing (Asian Sky Shop) and realty.