Aviraté, a premium international women’s western apparel brand retailed exclusively in India by Fashion 365 Retail, a subsidiary of Sri Lankan Timex Garments, is expanding its footprint across India with a total investment of Rs 20 crore.
The brand will also enter the Far East, West Asia and Australia in the next two years with separate investments.
The Aviraté brand from privately held Timex Garments is one of the top five apparel manufacturers of Sri Lanka with sales revenues of Rs 1,200 crore (FY2012). The firm derives 90 per cent of its revenues from garment exports to international brands such as Espirit, Wallis, M&Co, Jones New York, Diesel and Marks and Spencer.
Timex Garments has already invested Rs 10 crore in India in stores and stocks and will invest an additional Rs 10 crore to open nine more company owned stores across India in the next financial year. The firm will open four more stores across Chennai, Delhi, Mumbai, and Chandigarh in the next six months.
India’s retail sector is currently estimated at around $450 billion, and organised retail accounts for around five per cent of the total market share, out of which the demand for ready made and western outfits is growing at about 40-45 per cent annually.
The brand will also enter the Far East, West Asia and Australia in the next two years with separate investments.
The Aviraté brand from privately held Timex Garments is one of the top five apparel manufacturers of Sri Lanka with sales revenues of Rs 1,200 crore (FY2012). The firm derives 90 per cent of its revenues from garment exports to international brands such as Espirit, Wallis, M&Co, Jones New York, Diesel and Marks and Spencer.
Timex Garments has already invested Rs 10 crore in India in stores and stocks and will invest an additional Rs 10 crore to open nine more company owned stores across India in the next financial year. The firm will open four more stores across Chennai, Delhi, Mumbai, and Chandigarh in the next six months.
India’s retail sector is currently estimated at around $450 billion, and organised retail accounts for around five per cent of the total market share, out of which the demand for ready made and western outfits is growing at about 40-45 per cent annually.
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