Lakshmi Mills enters garment retailing
The company is undertaking modernisation of its yarn mills in Palladam, Coimbatore and Kovilpatti in two phases.
By PTI |
NEW DELHI: Textile manufacturer, Lakshmi Mills Co Ltd on Thursday announced its foray into the garment retail segment with the launch of its western casual wear brand 'Tyche Life' and will be investing Rs 60 crore on modernisation of its yarn mills.
"The garment industry offers huge potential and the move is a forward integration for the company. We are targeting a Rs 10 crore turnover by March 2007 and later plan to take it to Rs 25 crore," Lakshmi Mills Vice President Operations N Jaychander told reporters while announcing the launch of 'Tyche Life'.
He said the company is undertaking modernisation of its yarn mills in Palladam, Coimbatore and Kovilpatti in two phases and would invest Rs 60 crore for the purpose.
"Post-modernisation, we are also looking to increase our exports from about Rs 15 crore currently to Rs 30 crore by 2007-2008," he said adding that the newly launched 'Tyche Life' would also be exported to the US and European markets.
Jaychander said the brand, which will be made available in around 800 outlets by end of fiscal 2007, is targeted at the mid and upper mid segment and comprises western casual wear for men, women and kids, in the price range of Rs 400 to Rs 1500.
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