‘Pepe Jeans’ has filed an application with the Department of Industrial Policy & Promotion (DIPP) for setting up fully-owned retail stores in the country. The Spain-based company plans to open large format family stores in metros across India, people familiar with its plansaid. It is currently operating through a joint venture in the wholesale segment.
The company wants to take advantage of the liberalised policies that allow foreign single-brand retailers to sell through their own stores as well as franchisee outlets, besides allowing firms selling through bricks-and-mortar stores to push through their own online portals.Pepe Jeans India believes its plan will help push its omni-channel retail strategy, a source said.
Last year, it had said that it was looking to double its sales in India to nearly Rs 1,500 crore in the next three years. It also forayed into new categories of products such as kids wear and footwear, along with expanding the number of stores.
The company plans to increase the number of its stores to 450 across metros, tier-II and tier-III cities from 200 franchise stores at present. India’s denim market is projected to grow at a compound annual growth rate of 15 per cent and reach Rs 27,200 crore by 2018.
