India-based Spencer's Retail (SRL) will launch its new 2BMe private label apparel brand across all its stores by next week.
Spencer's Retail is part of RP-Sanjeev Goenka Group.
RP-Sanjiv Goenka group chairman Sanjiv Goenka was quoted by Dnaindia.com as saying: “Spencer's will now focus on apparel as well, apart from food.”
“We will expand the brand, but sensibly. Apparel contributes much higher margin than food. That should add margins and we are optimistic of its performance as we go forward.”
This decision comes after a full overhaul of the management structure, which is handled by Sanjiv Goenka's son Shashwat.
Goenka was quoted by DNA Money as saying: "More and more senior-level people are joining Spencer's. There's a change in the way we recruited; we are now going for the best (people in the industry) and we are demanding very high performance from them.
"We have now much more youthful way of management. Vipin Bhandari (formerly Hypercity CEO) and Rahul Nayak, director – operations at Star Bazaar have joined us."
Between the October-December quarter, SRL opened six new stores and intends to open one more store before the current fiscal year.
The retailer plans to list in the stock market and enhance margins.