Reliance Industries, a multi-million conglomerate and the parent company of apparel and fabric manufacturer – Vimal, is targeting a two-fold rise in its sales in three years time by focusing on being an affordable, youth fashion brand.
The brand’s textile production capacity, which now stands at 20 million metres per year, is expected to increase to 25 million metres per year as Reliance will invest Rs 350 crore on the brand’s expansion step-by-step in the coming three years.
As a part of the expansion drive, the brand’s total number of exclusive stores will increase from 50 to 150 in three years’ time. There will also be shop-in-shop stores for the brand. A pan-India expansion will be aimed at by Vimal, which till now is mainly focused on east India.
“We are looking for retail sales of Rs 1,800 crore in the next three years from our present base of Rs 800 crore,” Pradeep Bhandari, CEO (Textiles Business) of Reliance Industries said. “We want to position Vimal as a contemporary high-fashion product and yet affordable. We have approached new age entrepreneurs to promote the product.”
Around 90 per cent of Vimal’s sales come from the fabrics segment and only 10 per cent comprises the apparel segment. In three years time, around 75 per cent of the total sales is likely to come from the fabrics segment and 25 per cent from the apparel segment.
