New Delhi, May 24 (IANS) Realty major DLF’s lifestyle retail subsidiary DLF Brands Thursday said it plans to open around 10 multi-brand retail “AVE.NEU” outlets by the end of fiscal 2012-13.
“We plan to open 10 more ‘AVE.NEU’ outlets in various cities across the country by the end of the current fiscal,” said Dipak Agarwal, chief executive, operations and strategy, DLF Brands told IANS on the sidelines of the company’s first lifestyle multi-brand retail outlet here.
“We plan to open 50 stores within three years and around 70-80 stores within the next five years.”
According to Agarwal, the company will target upcoming areas which have not experienced the high-end multi-brand retail. The stores will come up in areas that have a captive population of around 20 lakh.
The company’s new multi-brand outlets will come in three variations– regular store with an area of 10,000-15,000 square feet, accessory outlets and small size stores.
The company did not divulge any investment plans but said that on average a large store of an area of 10,000 square feet-15,000 square feet requires three-five crore.
“We expect our new multi-brand retail outlets to grow by 30 percent year-on-year. The industry average is around 10-15 percent,” Agarwal said.
The current product mix of the store includes 70 percent of franchised or joint venture (JV) brands while the rest are external brands.
The company is also looking at cities such as Lucknow, Pune, Chandigarh and Surat to start its new platform of stores.
The new multi-brand retail store offers international fashion brands like Boggi Milano, Claire’s, DKNY, Alcott, Sunglass Hut, ELC and Mothercare.
On standalone basis DLF Brands which currently operates 120 standalone stores for 11 global brands across India said tit expected to increase its stores to 170 by the end of the fiscal.
“We currently have 120 standalone stores. We have planned to take this number to 170 by the end of the fiscal,” said Timmy Sarna, managing director, DLF Brands.
According to Sarna, the standalone stores under the company have reported a year-on-year growth of more than 20 percent.
“We are bullish on the standalone stores prospects as the country’s economy is a consumer driven economy, and that people have aspirations for international brands now.”
DLF Brands was formed in 2008 and operates standalone stores for 11 global brands, including Armani, Boggi, Alcott, DKNY, Claire and Mothercare.
The company is also planning to enter into beauty and wellness category and enhance presence in home segment.
