Nautica announces foray into Indian market

New Delhi - Global lifestyle brand Nautica announced Saturday it plans to open 12 stores in India by 2009 aimed at capturing a 10 per cent share of the 66 million-dollar premium apparel market. The brand, acquired by VF Sportswear Inc, would be retailed in India by Bangalore-based Arvind Brands Limited, PTI news agency reported. 'The 500 crore rupees (110 million US dollars) premium grooming segment is growing at 45-50 per cent annually and in the next three years, share of the apparel segment would grow to about 300 crore rupees (66.12 million US dollars), of which we are eyeing a market share of 30 crore rupees (6.61 million),' Arvind Brands president Darshan Mehta said. The first stores selling Nautica's range of men's and women's apparel and accessories would be opened in New Delhi and Bangalore followed by Chennai and Mumbai by the end of 2006. 'Of the 12 Nautica stores that would come up by 2009, three would be company-owned and the rest, like the ones in Delhi and Bangalore, would be run by franchisees,' Mehta said. The company plans to invest 6.6 million US dollars in marketing its brand in India over the next three years, he added. © 2006 dpa - Deutsche Presse-Agentur

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