RIL eyes 1800 cr sales from Vimal brand in 3 yrs
Reliance Industries Ltd (RIL) is looking at over 2-fold increase in sales to Rs 1,800 crore from its textiles brand Vimal in the next three years and positioning it as a youth-oriented affordable fashion label.
New Delhi : Reliance Industries Ltd (RIL) is looking at over 2-fold increase in sales to Rs 1,800 crore from its textiles brand Vimal in the next three years and positioning it as a youth-oriented affordable fashion label.
The brand, which is also getting into ready-to-wear segment besides fabrics, is tapping young entrepreneurs and start-up co-founders to endorse the brand to connect with "new age Indian customers".
The company will invest Rs 350 crore in a phased-manner in the next three years to increase its textile production capacity to 25 million metres a year from 20 million metres per year at present.
"We have been focusing on product, branding and innovation for pushing growth of Vimal. We are looking for a retail sales of Rs 1,800 crore in next three years from our present base of Rs 800 crore," RIL CEO (Textiles Business) Pradeep Bhandari said.
The company, which has launched the Spring Summer collection for this season, is looking to have 150 Vimal exclusive stores in three years, up from 50 at present.
"These will be a mix of company-owned and franchise," he said, adding that there would also be shop-in-shop in Reliance Trends stores. Currently, Vimal is concentrated in East Indian states such as West Bengal and Bihar. "We are looking at expanding the reach of Vimal across all regions of India going forward," he said.
Elaborating on the company's strategy to promote the brand, Bhandari said: "We want to position Vimal as a contemporary high-fashion product and yet affordable. We have approached new age entrepreneurs to promote the product."
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