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Red Tape to invest Rs100 cr in two yrs; targets 100 stores

Red Tape to invest Rs100 cr in two yrs; targets 100 stores
PTI
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First Published: Tue, Aug 04 2009. 03 50 PM IST
Updated: Tue, Aug 04 2009. 03 50 PM IST
New Delhi: Premium men footwear and fashion lifestyle brand Red Tape is planning to invest Rs100 crore by the end of next year as a part of its plan to treble the number of its exclusive outlets in the country.
The Mirza International Ltd’s subsidiary, Red Tape, is also looking to achieve a sales of Rs100 crore by 2010-11 on the back of its retail chain expansion.
“We would be investing Rs100 crore by the end of 2010, half of which will be utilised this year to expand our exclusive store chain across the country. Our target is to have a total of 100 exclusive outlets from 35 outlets at present,” Mirza International Ltd director Taufees Mirza told reporters here.
He said the company will focus on the metros and Tier I markets.
“We want to first gain a strong foothold in the big cities which are the potential markets for premium brands like ours. Our aim is to achieve a sales of Rs100 crore from the Red Tape brand this fiscal, up from Rs60 crore last year” Mirza said.
Red Tape had earlier this year ventured into high-end apparel and accessories in the men’s segment.
“We will keep on introducing new designs and models in this segment, besides remaining focused on the footwear category,” he added.
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First Published: Tue, Aug 04 2009. 03 50 PM IST