Published on : Dec 02, 2015
Malaysian children’s wear brand Poney is looking to invest to invest Rs. 30 crore in the pursuit to expand its operations in India, which includes plans to open 25 more outlets over the next five years, as stated by a top executive of the company.
Poney, which started operations in India last month, has a target turnover of Rs. 100 crore in five years, as stated by Rajat Kapoor, who is the head of Ajanta International Group, Poney’s master franchise associate in India.
The company is looking to open three new store in NCR (National Capital Region) by the end of the financial year and two more stores in Mumbai by the end of 2016. As stated by Kapoor, the company has plans to open five new stores each year. The executive further added that the brand also has plans to add 100 shop-in-shop counters, with the aim of adding 10 counters to the brand name every year.
Other than tier-1 cities like Delhi, Bengaluru, Mumbai, and Kolkata, Poney has plans to open stores in tier-2 cities like Lucknow, Ahmedabad, Chandigarh, Pune, and Ludhiana. As stated by the executive, the brand is also in talks with e-commerce portals in India that kid-centric to sell its merchandise.
The children’s wear market in India, which was estimated to be worth US$8.3 bn in 2013 by the consultancy firm Technopak and is expected to contribute 22% to the country’s apparel market by 2023. In the endeavor, Poney will be competing with international brands like Zara, GAP Inc., and Tommy Hilfiger among others.
The brand having presence in 11 countries and is about to enter the European market debuted in India recently on November 9 with the opening of its first store in Delhi measuring 900-sq ft in area.
As stated by the international business unit head of Poney Kidswear, it has only been three weeks since the store opened, as such it is too early to comment on the customer response.