Wacoal to invest Rs 100 crore in India over three years
The Japanese lingerie brand Wacoal will invest Rs 100 crore ($15 million) in India over the next three years and aims to generate $25 million in India by 2021, an official at the business announced.
Tomoyasu Ito, the representative director, president, and corporate officer of Wacoal Corp. announced that the business will reach an India store count of 70 by 2021 and will also add 80 shop-in-shops, as reported by ET Retail. The brand will invest heavily in India as it sees the country as a growth opportunity.
"We have seen exponential growth in the Indian market since Wacoal's entry in 2015,” said Ito. “With this expansion, we aim to explore its full potential and further solidify our position as a leading entity in the country's luxury lingerie market."
Wacoal will continue to open stores in metros it already has stores in such as Delhi, Mumbai, Bengaluru, and Pune and will also open stores in ten other metros. Wacoal will also open stores in smaller cities including Rajkot, Nagpur, and Nashik among others.
Wacoal retails in India through a partnership with Periwinkle Fashions and sells through a current network of 12 flagship stores as well as through e-commerce platforms including Myntra and Jabong, although online sales account for only around ten percent of the total revenue. The brand may look into manufacturing its lingerie in India and currently sources from factories worldwide.
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