India-based jewellery brand Gitanjali Group is seeking business expansion into apparels market with the launch of a line of clothing brands in 2013.
The company is also outlining plans to open nearly 300 retail locations across the country to boost its new business venture.
Talking about the developments, Gitanjali Group CMD Mehul Choksi told The Economic Times that the company’s foray into apparel industry is part of its plan to further its product line along with diversifying its business.
"So complimenting jewellery the next thing that would interest women would be apparels and accessories," explained Choksi.
The company, which has unveiled brands such as Gili Apparels, Diya Apparels and Maya Apparels earlier in 2012, is looking to launch apparels under brand names, Asmi and Viola.
Gitanjali is set to invest $4.6m to $5.5m for brand promotions.
Meanwhile, Choksi further added: "We are planning 200-300 selling points for this segment, including multi brand outlets, franchisee
and online, brand this calender year."
Most of these stores are planned for tier II and III cities, while maintaining presence in metro and tier I cities.
Besides physical launch, the company is also working towards e-Commerce turf collaborating with online retailers including Jabong, Myntra and Flipkart.
After establishing a steady foothold in the home-market, the chain is keen to take the apparel business to overseas market, mainly to Middle East countries.
"We entered this segment just eight months back. We will first look at establishing the segment in the country before venturing overseas. But we will take our apparel segment overseas starting with Dubai in a couple of months," revealed Choksi.