Mumbai: Fashion retailer Provogue India, which counts Saif Ali Khan Pataudi as its brand ambassador, plans to diversify beyond its own range of men’s and womenswear by tying up with European and American brands in the lifestyle space for the Indian market.
The company is in the final stages of negotiations with retailers in Europe and the US to set up a joint venture (JV) to introduce their brands in the country.
Provogue India director Salil Chaturvedi said: “We are in talks with foreign retailers. The product categories will be different from our existing merchandise. We are into the semi-formal segment while we are looking to bring lifestyle products, beyond apparels as well.”
The move will help the retailer expand beyond its premium semi-formal wear and capture a larger share of the customer’s wallet, in a scenario where several apparel manufacturers are setting up their own branded retail stores, say analysts.
Provogue director Deep Gupta said: “We are looking to set up separate retail outlets altogether. It could be (for) childrenswear, menswear, ladies’ wear or all of it.” Provogue, listed on the Bombay Stock Exchange, posted sales of Rs160 crore in fiscal 2005-06. The company, which gets most of its revenues from non-formal wear, has also started retailing accessories such as ties, belts and bags.
Provogue also plans to start retailing other brands at their multi-brand discounted mall, Promart. The company has recently tied up with branded apparel companies such as Peter England, Charley, Excalibur and Kouton to sell their products at Promart. These malls (10 of which are planned in the first phase) are being opened in partnership with North India-based real-estate developer Omaxe Constructions.
In February 2007, Provogue raised Rs146.25 crore from private equity investors such as Fidelity, New Vernon, Blackstone, Genesis Capital and Artis Capital to fund its realty JV, Prozone, with UK-based mall developers Liberty International subsidiary.
This JV plans to develop six malls in India.
Provogue has around 64 Provogue Studios spread across 31 cities and its products are also available at big retail chains such as Shoppers’ Stop and Pantaloon. The company plans to extend its product portfolio to footwear, innerwear and a range of personal care products focusing on perfumes anddeodorants.