S P Apparels ltd opens three Crocodile Stores
The Company opened three stores in Salem, Coimbatore and New Delhi
Tweet-- S. P. Apparels Ltd., a Coimbatore-based fully integrated garment exporter and retailer, retails Crocodile products in India, has intensified its strategy of opening its company-owned exclusive Crocodile retail stores across India.
In a span of three days this week, the Company opened three stores in Salem, Coimbatore and New Delhi. The New Delhi store was inaugurated today at Unitech Rohini Amusement park while the Salem and Coimbatore were started on August 28. The Company plans to roll out 12 more company-owned Crocodile Stores across India before the end of fiscal 2007-08 at Noida in UP, Greater Noida, Hyderabad, Chennai, Ernakulam, Calicut, Nagpur, Pune, Ahmedabad, Indore, Baroda and Mysore. Besides this, S P Apparels has set up 25 EBO (exclusive brand outlet) in the country since the acquisition of the Crocodile brand by the Company late last year.
Mr. P. Sundararajan, Managing Director of Crocodile Products Pvt Ltd., said, “We have already rolled out 9 company owned Crocodile stores and will be rolling another 12 more stores by March, 2008….There is a lot of investment happening on the retail front for wider penetration into the market ensuring that the customers feels the new look of Crocodile”. “All these stores showcase a new range of festive collections targeting fashion mongers with a variety of fashion wears. The store will also display a wide range of T shirts, shirts, trousers, essentials and accessories for men. The highlight of the store is the featuring of a new trouser collection adding colour and vigour to the Crocodile brand popularity”, Mr Sundararajan added.
Mr Sanjay Chandrashekar, Vice President (Retail), S P Apparels, said, “Our primary concentration will be on distribution wherein we are leveraging on the potential markets initially. Distribution has a faster and much easier reach than other forms of channels. This form helps us to reach out to the retailer with confidence gearing up to the market needs”. “S P Apparels is engaged in expanding the franchise module which will help the company to reach its business goals faster. Own store formats symbolize the direction of branding strategies and approach towards the market”, he added.
In recent months, there has been a great transformation in all areas in terms of designs, product innovation, new brand identity as well as new store concept. The company is confident of the initiatives taken to further strengthen the Crocodile brand to reach its vision and increase customers. The Crocodile product mix consists of formals, casuals/smart casuals inclusive of T-shirts, shirts, trousers, jeans, catering to various target groups and in different price ranges. Comparing last year, the company has achieved a sales growth of 16% in shirts, 27% in T-shirts, 18% in essentials (vest & brief for men), 9% in trousers and 4% in accessories.
Notes to Editor
About S. P. Apparels Ltd.:
S. P. Apparels Ltd. is a Coimbatore-based fully integrated Fibre to Fashion Vertical and exporters of knitwear to large international retailers and importers in Europe and the USA. The company’s export division has recorded a top line growth of Rs. 268 crore for the year ended March 2007. It has registered a growth rate of 40% in export sales for the year 2007.
S. P. Apparels Ltd., forayed into the Indian retail market late last year by acquiring Crocodile Products Pvt. Ltd., currently has 9 company-owned stores and lined up 12 more stores in the current fiscal apart from the 50 odd third party owned outlets. The S. P. Apparels Retail Division has already set the base by strengthening existing markets and penetrating into new markets. It has recorded fast growth rate in sales by 25-30%. The company is poised to bring fashion into men’s and women’s wear through its brands “Crocodile” and “Natalia”.