Subhash Chandra-owned Essel (Zee TV) group, will invest $ 40 million to set up 60 “Gavel Fashion” stores in the niche apparel and fashion accessories retail segment in the next three years, reports Financial Express.
The company is planning to achieve a turnover of Rs 300 crore in the next three years, providing “value for money products to niche consumers who appreciate quality in their life,” said a company release. Delhi, Mumbai, Bangalore and Kolkata are some of the cities where these stores will be opened, which depending on the brand and the city of launch could be a combination of mono-brand and multi-brand stores, added the release
“Most of our stores will be in five-star hotels. We aren’t planning to tie up with any retail chain since we will not be targeting mass markets,” said Gavel Fashion CEO.
The Essel group has interest in media and entertainment, amusement and theme park, packaging, tele retailing (Asian Sky Shop) and realty.