Planet Retail to add lifestyle brands

Wednesday, 06 July 2011

Planet Retail the well known chain that offers brands like Guess, Next and Accessorize is planning to add two more brands to its list in the next one year. The chain which has 72 stores and originally owned eight global brands had frozen expansion of brands such as OshKosh B’Gosh, Sole Effect and Cartier. However, it now plans to bring in some international lifestyle brands in the mid- to premium segment. The retailer is already in talks with international lifestyle brands and will soon firm up the plans. These brands would fit into the lifestyle segment that it already operates in.

Meanwhile, Planet Retail is also test-marketing brands that it has created with designers such as Manish Malhotra and Manish Arora. According to Ramesh Tainwala there is opportunity for scale in India now and they would like to godfather a few brands for everyday wear. The retail chain, he said, has not gone in for high-profile marketing of its brands as its retail footprint is limited to a few markets. Currently, Planet Retail has a single outlet of Debenhams in Gurgaon, but plans to rapidly scale this up to 25 doors in two years.

The chain also aims to open at least 250 retail doors for Planet Retail in the next three years. It may be noted that Planet Retail had gone in for a restructuring exercise early this year when Tainwala acquired a 48 per cent stake. V P Sharma, the other promoter, owns the rest. Planet Retail aims to clock in Rs 2,000 crores by 2015.