Garment makers foray into retail

Garment makers foray into retail
Financial Express, India

MUMBAI, FEB 22: To cash in on the retail and the realty boom in India, global and domestic garment manufacturers are foraying into retail malls and township development in India, apart from collaborating with retail developers to expand their businesses.
Max Retail, a division of the Dubai-based Landmark Group, is investing Rs 300 crore in setting up 50 company-owned ‘Max’ retail stores in India, within two years. Besides this, the company plans to collaborate with Akruti Nirman and Nirmal Lifestyle to be anchor tenants within their malls where every product will be priced at and below Rs 600, according to Vasanth Kumar, ED, Max Retail.

Delhi-based Ritesh Real Estate Company is acquiring 400 acres of land in Punjab and Haryana at an investment of Rs 600 crore in order to set up townships in association with Ansal Group where Ansal will develop properties for them, Sanjeev Arora, MD, Ritech Real Estate Company told FE.

Mumbai-based Krishna Lifestyle Technology Ltd (KLTL), a company which is into garment manufacturing, is for the first time planning to foray into ‘Central Mall’ concept in India. KLTL also plans to set up 100 exclusive retail malls under the brand name ‘K’ Lifestyle in the next two to three years in the metros.

According to Navin Kumar Tayal, chairman, KLTL, “K’ Lifestyle Malls will be a mix of company-owned stores apart from anchor tenants within other malls. Targeted at elite customers, KLTL is entering into a collaboration with ‘Danabhai Jewellers’, ‘Pallazio Group’ for making them anchor tenants within ‘K’ Lifestyle malls.

Currently, we are developing 20,000 sq ft of malls each in Lower Parel, Malad and Fort in Mumbai. Now since the rental prices are high, we will set up company-owned malls and later when the rental prices fall, we will tie up with retail majors in order to be their anchor tenants.”