Tesco, GAP supplier to enter Fashion Retail Market in India
Crew B.O.S. Products, the Rs. 350-crore exporter and a leading supplier of leather and fashion accessories to global brands such as Esprit, Armani, Tesco, GAP and Chico’s, has decided to enter Indian retail market.
The company will float a wholly-owned subsidiary, Crew Republica Retail, for its retail foray, said Tarun Joshi, Director of the Delhi-based firm. The store will invest around Rs. 80 crore to set up exclusive shops in Mumbai, Delhi and Bangalore and will initially sell branded bags, leather shoes, belts and some other fashion accessories.
Indian fashion accessories market is pegged at nearly Rs 2,000 crore, of which bags, shoes and belts account for more than 50%, according to Ace Global, an international business consultancy and market research firm. The apparel accessory was Rs. 910 crore in 2008 and is expected to reach Rs. 1,200 in 2012.
