Arvind Mills, the flagship company of Gujarat-based Lalbhai Group, is eyeing expansion. In an interview to NDTV Profit, J Suresh, managing director-Brand and Retail at Arvind Mills said that the company is planning to invest Rs 70-80 crore as a part of its expansion strategy every year.
“We are planning to form alliances with foreign fashion brands like Elle, but we may look at consolidating existing international brands before bringing new ones,” he said.
He further said that the turnover for Arvind brands is likely to touch Rs 1200 crore in the current year as the company is growing at a rate of 50 per cent.
Commenting on the slowdown in brands and retail segment, Suresh said that the slowdown may continue for another six months. “The demand will start picking up during the festival season because inflation and interest rates are likely to cool down by then,” he explained.
He is confident that the long term consumption story of India will remain intact.
Shares of Arvind have fallen 12 per cent in six months, while the broader market has remained flat during the same period.
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