Arvind Lifestyle brands aims to dominate kidswear market in India
Arvind Lifestyle Brand and Retail, a subsidiary of textile conglomerate Arvind Ltd is looking to dominate India’s kidwear market and will open exclusive kidswear outlets across the country to achieve the same, said a top company official.
Arvind a leading player in the Indian apparel market will turn its attention to the kids segment and will soon launch exclusive outlets across the country starting with metros like Bengaluru and Delhi.
The Indian apparel market is expected to grow at a CAGR of 9%, from to USD 102 billion in 2023 and kidswear which is a fast growing segment is expected to contribute 22% to the same, according to a research by consulting firm Technopak.
“Kidswear is the fastest growing category and we want to dominate this space. We are developing and reorganizing the vertical with all our brands that have kids’ offerings. There is a lot of opportunity in the segment,” Alok Dubey, chief executive officer, lifestyle brands at Arvind Lifestyle Brands told the Mint.
The textiles and apparel major Arvind Ltd had reported a consolidated net profit to Rs 96.92 crore for the fourth quarter ended March. Its total income during the fourth quarter was Rs. 2,493.19 crore as against Rs. 2,251.87 crore in the year-ago quarter.
The company is banking on its in house brands like US Polo Association, The Children’s Place and Flying Machine to contribute Rs 500 crore to its revenues over the next five years.
“We are still working on our business plan. Over the next five years, we want to double the business to Rs400-500 crore from these top three brands,” Dubey said.
The Ahmedabad-based company has a huge portfolio of owned and licensed brands. Its own brands include Flying Machine, among others, while its licensed product brands include The Children’s Place, Tommy Hilfiger, Calvin Klein, Arrow, Gant, Nautica, Gap, Next, US Polo and Aeropostale.
Arvind Lifestyle Brands Limited owns and operates approximately 800 stores and 14.2mn retail space across India and also has an online portal.
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