Neva eyes 35 pc growth in 2 yrs, forays into functional wear

NEW DELHI: Thermal wear firm Neva Garments is looking at expanding its distribution channel and retail network to around 8,500 outlets this year as it eyes a 35 per cent growth rate in sales during the next two years.

The company, which made a foray into functional wear segment in five categories- yoga wear, gym wear, wellness wear, leisure wear and value wear- this month, is aiming for a turnover of Rs 80-85 crore by 2010-11, up from the existing Rs 60 crore.

"We have just diversified our product range with the foray into functional wear segment as part of our strategy to provide apparels for all requirements. We are now planning to increase both our distribution channel and our retail presence by up to 20 per cent this fiscal," Neva Garments Ltd Executive Director Vishal Jain said.

He said Neva is looking to increase its retail network to around 8,500 outlets, including large format shops, sports stores and shop-in-shops by end of March 2010, from the current figure of 7,000 outlets.

In addition, it would also add 50-odd distributors to the current figure of 250 across the country.

"Last year, we had a turnover of Rs 60 crore. Our target is now to grow by 35 per cent during the next two years and reach a turnover of Rs 80-85 crore by 2010-11," Jain said.