SP Apparels Ltd, a Coimbatore-based fully integrated garment exporter and retailer, has opened its largest Crocodile store in Hyderabad. Spread across 2,000 square feet, the store is the tenth company-owned Crocodile store in the country and the second store in Hyderabad. The company had recently opened three stores in Coimbatore, Salem and New Delhi.
“In recent months, there has been a great transformation in all areas in terms of design, product innovation, new brand identity as well as new store concept. There is a growing popularity of the Crocodile brand among the youth. The company is confident of the initiatives taken to further strengthen the Crocodile brand to reach its vision and increase the number of customers,” P Sundararajan, MD, SP Apparels, told Indiaretailing.
When enquired about retail expansion and strategies, Sundararajan informed: “We are on a fast track of opening new retail outlets across various cities in India. The company plans to acquire an additional retail space of 100,000 square feet. We will have a presence in 30 cities, which will comprise tier I, II and III cities, by March 2009. There is a lot of focus on tier II cities as there is considerable buoyancy in these markets.”
The company plans to roll out 15 more Crocodile stores across the country by the end of this fiscal. “We have targeted locations like New Delhi, Noida, Greater Noida, Chennai, Ernakulam, Calicut, Nagpur, Pune, Ahmedabad, Indore, Baroda and Mysore. With this, the total number of Crocodile stores will increase to 25 stores in the current financial year,” Sundararajan confirmed.
Sanjay Chandrashekhar, vice president, Crocodile, added, “The new exclusive retail store and other upcoming new stores will enable us to showcase the complete spectrum of Crocodile products to our loyal customers.”
Compared to last year, the company has achieved a sales growth of 16 per cent in shirts; 27 per cent in t-shirts; 17 per cent in trousers; 17 per cent in essentials (vest and brief for men); and 4 per cent in accessories.
The Crocodile product mix consists of formals and casuals/smart casuals inclusive of t-shirts, shirts, trousers and jeans, catering to different target groups and in different price ranges. “Currently, Crocodile has 15 product lines and we intend to add another 10 in the next fiscal,” Sundararajan stated.
The company’s export division has garnered a top-line growth of Rs 268 crore for the year ended March 2007. It has registered a growth rate of 40 per cent in export sales for the year 2007.
SP Apparels forayed into garment retailing last year after acquiring Crocodile Products Pvt. Ltd. Earlier this year, the company also acquired the Chennai-based womenswear brand Natalia.
– Vishnu Rageev R, Bangalore Bureau
