Oswal Retail to close down innerwear business
Oswal Retail has decided to wind up its innerwear business and close down its 22 exclusive outlets 'Straps'.
By PTI |
CHANDIGARH: Oswal Retail, a subsidiary of Punjab-based Oswal Group, has decided to wind up its innerwear business and close down its 22 exclusive outlets 'Straps'.
"We have decided to close all our outlets and it is a strategic decision taken by the company," Oswal Retail Managing Director Adish Oswal said.
Since the launch of its innerwear business in 2004, the company had opened 22 stores under the brand name 'Straps' in several cities including Delhi, Ludhiana and Gurgaon.
On being asked about plans on venturing into any new business, Oswal said, "We are exploring several options in this regard but no decision has been taken so far."
Oswal Group forayed into innerwear business in 2004 under the brand of 'Sensa' with a view to cater to the growing ready-to-wear fashion apparel market. Thereafter, the company renamed its retail innerwear business to 'Straps', offering lingerie, nightwear and maternity wear.
It even tied up with several premium foreign intimate wear brands, including Italian 'Parah', Rene Rofe, Wonder Bra and Women Secreat of USA, Body Line and Moon Dance which were sold through Oswal retail outlets.
Quoting the study of Technopark, the company had pegged the intimate wear retail market in India at a whopping Rs 2,200 crore and it was expected that it would touch Rs 4,000 crore mark by 2009. The company had planned to capture 5 per cent share of this market by 2010.
"We have decided to close all our outlets and it is a strategic decision taken by the company," Oswal Retail Managing Director Adish Oswal said.
Since the launch of its innerwear business in 2004, the company had opened 22 stores under the brand name 'Straps' in several cities including Delhi, Ludhiana and Gurgaon.
On being asked about plans on venturing into any new business, Oswal said, "We are exploring several options in this regard but no decision has been taken so far."
Oswal Group forayed into innerwear business in 2004 under the brand of 'Sensa' with a view to cater to the growing ready-to-wear fashion apparel market. Thereafter, the company renamed its retail innerwear business to 'Straps', offering lingerie, nightwear and maternity wear.
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The company had committed an investment of Rs 60 crore in this venture and planned to open 120 exclusive stores by 2009. It even tied up with several premium foreign intimate wear brands, including Italian 'Parah', Rene Rofe, Wonder Bra and Women Secreat of USA, Body Line and Moon Dance which were sold through Oswal retail outlets.
Quoting the study of Technopark, the company had pegged the intimate wear retail market in India at a whopping Rs 2,200 crore and it was expected that it would touch Rs 4,000 crore mark by 2009. The company had planned to capture 5 per cent share of this market by 2010.
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