Media moghul, Subhash Chandra owned Essel group is planning to invest US$ 40 million (around Rs. 200 crore), in the coming 3 years. It will set up 60 “Gavel Fashion” stores in the niche apparel and fashion accessories retail segment reports Financial Express. Most of these stores will come up in five star hotels and target niche consumers who appreciate quality in their life.
Delhi, Mumbai, Bangalore and Kolkata are a few of the cities where these stores will be opened. Depending on the city of launch, these stores could either have a single brand or a combination multi-brands.
The company expects to have a turnover of Rs 300 crore from these stores in the next three years.
As the chain does not intend to target mass markets, it will not tie up with foreign players.
The Essel group, which is the largest producer of lami tubes in the world, besides packaging has interests in media and entertainment, amusement parks (Essel World), tele retailing (Asian Sky Shop) and realty.