Arvind eyes Rs 500 crore sales from US brand franchise in 5 years

NEW DELHI: Textiles firm Arvind is eyeing Rs 500 crore turnover from the franchise of US-based speciality apparel retailer ' The Children's Place' in five years.

Arvind, which today entered into franchise agreement with The Children's Place, will invest Rs 150 crore to open 50 stores of the US brand across the country in 5 years.

"Indian kidswear market has a huge opportunity. Right now it is fragmented and dominated by local players. We want to be a dominant player in kidswear space and we are looking at Rs 500 crore turnover from The Children's Place brand in five years," Arvind Lifestyle Brands MD and CEO J Suresh told PTI.

Elaborating on its future plans Suresh said: "We will invest Rs 150 crore to open 50 stores across the country. We will open five stores in the 2015."

Arvind Ltd CMD Sanjay Lalbhai said: "The Children's Place will be the first of its kind children's retail format in India. It will be a one stop for children from infants to 14 years olds."

The Children's Place President and CEO Jane Elfers said: "We are excited to be partnering with Arvind, which has a proven track record of operating successful apparel brands in India. We are making significant strides in our international franchise business and we remain focused on providing great fashion and value for the kids around the world."

The Children's Place is the largest kids' speciality apparel retailer in North America. It designs, contracts to manufacture, sells and license under the brands - The Children's Place, Place and Baby Place. PTI SVKArvind eyes Rs 500 cr sales from US brand franchise in 5 yrs.