French womenswear retailer Promod has renewed its focus on India, planning to expand its store count here from 22 to 100 by 2025 with an investment of Rs 100 million over the next seven years.
“We are at a crucial time when we want to consolidate our position and reaffirm our brand value in the Indian market. We want to be a brand that gives both affordability as well as style to every woman in the country,” Nadine Caux, managing director, Promod, told Fortune India.
Caux says India has been one of the strongest markets for the company and will continue to be so. “We want to focus on the Indian market and have partnered with Myntra [an online retailer] in order to increase our brand visibility. We will also launch our own exclusive website to further strengthen the brand and this is a huge investment for us,” she said. Promod entered India in 2006 through a franchise agreement with Mumbai-based Major Brands. Promod’s stores in India are concentrated in metros such as Delhi and Mumbai, but the company says it now aims to reach out to customers in smaller cities too.
Several international retailers such as H&M, GAP, and Zara have entered or expanded their presence in India lately, and have also ventured into online retail.
Asked if Promod is late to venture into e-commerce in India, Caux said: “We strongly believe in the touch-and-feel factor involved in retailing of garments. Besides, in a physical store, we get to know what the customer feels for the brand. Hence, entering late into the online market was a deliberate decision.”
Caux says India is one of the fastest growing markets for Promod and has been registering double-digit growth for the last three years. A Livemint report said the company’s sales in India are over Rs 100 crore; Caux hopes to quadruple it by 2025. “India is amongst the top five countries that contribute significantly to the global turnover of the brand,” Caux said. “We want to have all formats—multi-brand stores, standalone shops, e-commerce and our own exclusive online store.”
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