News: Red Tape plans a bigger retail footprint
(TNN 04/04/2006) New Delhi - Red Tape, the flagship brand of Mirza International plans to foray into women’s footwear, men’s fashion wear and accessories.
It is also launching a low-priced footwear brand, ‘Nucleus’, in the next few months.
“We are looking at becoming a holistic fashion brand, which would offer everything from footwear to apparel. All new additions to our product portfolio are aimed at extending and building the Red Tape brand,” Rashid Mirza, managing director, Mirza International, told ET.
For the men’s fashion line, the Rs 250-crore footwear brand is in talks with apparel majors like Arvind Mills. “The clothes line should hit the stores by September this year. After evaluating the success of the men’s line, we will introduce a women’s line in the future,” Mr Mirza said.
The women’s footwear collection will hit the market by the end of this month.Targeted at the upper end of the consumer spectrum, the shoes will be priced between Rs 2,000 and Rs 3,000. Investments of approximately Rs 80 crore have been made to introduce the women’s range, Mr Mirza said.
The footwear manufacturer and exporter has been supplying women’s shoes to brands like Next, Debenhams, Clarks and Burtons in Europe and the US. Interestingly, out of the Rs 250-crore sales turnover, international markets contribute about Rs 200 crore.
Elaborating on its new brand, Nucleus, Mr Mirza said the brand will cater to the lower end, as opposed to the Red Tape brand.“We are looking at Nucleus to give us volume growth, and if it does well, we expect it to make four times the sales of what Red Tape does,” he said.
The Nucleus range will be priced in the range of Rs 1,200-1,500, specially targeted at the Tier-II towns. An advertising campaign for the fashion line, the women’s wear range and the Nucleus brand will be launched soon. The Red Tape footwear brand is endorsed by actor Salman Khan.
On the domestic retail front, the company is preparing to open 50 exclusive Red Tape outlets during ’06, which will be doubled by ’07. “We are looking at retail expansion largely in smaller towns, since it’s a huge market out there,” Mr Mirza said. The brand will also be present through shop-in-shop stores and 1,200 multi-brand outlets.
It is also launching a low-priced footwear brand, ‘Nucleus’, in the next few months.
“We are looking at becoming a holistic fashion brand, which would offer everything from footwear to apparel. All new additions to our product portfolio are aimed at extending and building the Red Tape brand,” Rashid Mirza, managing director, Mirza International, told ET.
For the men’s fashion line, the Rs 250-crore footwear brand is in talks with apparel majors like Arvind Mills. “The clothes line should hit the stores by September this year. After evaluating the success of the men’s line, we will introduce a women’s line in the future,” Mr Mirza said.
The women’s footwear collection will hit the market by the end of this month.Targeted at the upper end of the consumer spectrum, the shoes will be priced between Rs 2,000 and Rs 3,000. Investments of approximately Rs 80 crore have been made to introduce the women’s range, Mr Mirza said.
The footwear manufacturer and exporter has been supplying women’s shoes to brands like Next, Debenhams, Clarks and Burtons in Europe and the US. Interestingly, out of the Rs 250-crore sales turnover, international markets contribute about Rs 200 crore.
Elaborating on its new brand, Nucleus, Mr Mirza said the brand will cater to the lower end, as opposed to the Red Tape brand.“We are looking at Nucleus to give us volume growth, and if it does well, we expect it to make four times the sales of what Red Tape does,” he said.
The Nucleus range will be priced in the range of Rs 1,200-1,500, specially targeted at the Tier-II towns. An advertising campaign for the fashion line, the women’s wear range and the Nucleus brand will be launched soon. The Red Tape footwear brand is endorsed by actor Salman Khan.
On the domestic retail front, the company is preparing to open 50 exclusive Red Tape outlets during ’06, which will be doubled by ’07. “We are looking at retail expansion largely in smaller towns, since it’s a huge market out there,” Mr Mirza said. The brand will also be present through shop-in-shop stores and 1,200 multi-brand outlets.
posted by InCar Group Press Room at 20:33
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