When many retail brands are looking to downsize operations, Lerros, a premium apparel brand from Germany, is going all-out to woo the Indian consumer. It plans to open at least 15 stores by the end of the current fiscal.
The company, which operates through seven standalone stores (including the one opened in Chandigarh recently) and 40 shop-in-shops, will invest around Rs 60 crore in the Indian market over the next five years. The investment will go into opening 100 standalone stores and over 300 shop-in-shops by 2012-13.
Of course, in view of the general slowdown in the economy, the company has scaled down its plans a bit. While earlier it was hoping to open the doors of 25 stores this year, now it has fixed the number at 15 stores. Speaking to FE in Chandigarh, S Ramprasad, chief executive officer, Lerros Fashions India, said, ?Since footfalls in malls have reduced considerably and the work on new malls is stalled, we have revised the number of new stores to be opened this year.?
Lerros India is a joint venture between Lerros Modern GmbH and House of Pearl Fashions. An everyday premium wear brand for both men and women, Lerros sources the material from countries like China, Vietnam, Turkey and Indonesia.
It has stores in Delhi, Mumbai and Bangalore and is exploring market spaces in Hyderabad, Pune and other metros.
Commenting on the Chandigarh store launch, Ramprasad said, ?We expect a good sales platform and revenue from the northern market. We are also looking at multi-brand outlets to showcase our products. We plan to take the franchisee route in Chandigarh and some other markets.?