New Delhi: Retail chain Pantaloons plans to invest Rs 125 crore this fiscal as it plans to add up to 35 stores across the country.
In an investor update, Pantaloons Fashion & Retail's parent company Aditya Birla Nuvo said: "Financial year 2015-16 capex guidance (for Pantaloons) stands at about Rs 125 crore mainly towards launch of new stores."
"The company is targeting to launch 30-35 stores during 2015-16 and focus will be on expanding customer reach and portfolio enrichment," it said.
Pantaloons, which has over 100 stores across the country, reported net sales of Rs 433.70 crore for the quarter ended June 30, 2015.
In May, in a major restructuring exercise, Aditya Birla Group announced merger of all its branded apparel businesses into one entity, Aditya Birla Fashion and Retail Ltd.
Under the scheme of arrangement, the apparel businesses of group holding company Aditya Birla Nuvo and of another group firm Madura Garments Lifestyle Retail would be demerged into listed firm Pantaloons Fashion & Retail Ltd (PFRL). Madura owns and retails brands such as Louis Philippe, Van Heusen, Allen Solly, Peter England and People and operates 1,759 stores across the country.
In 2012, Aditya Birla Nuvo had entered into an agreement with the Future Group to infuse Rs 1,600 crore into Pantaloons and acquire a majority stake in the store chain.
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