The AV Birla group company Indian Rayon and Industries Ltd (IRIL) is reinforcing Peter England as a major brand through its garments division, the Madura Garments.
After launching shirts in the mid-price segment under the brand, the company has launched suits under the brand and is currently test-marketing it in Bangalore.
IRIL director Vikram Rao said that the company would take the suits to other cities and towns in the near future. The blazers are priced at Rs 1,700 to Rs 1,800, while the suits are priced at around Rs 3,000, he added.
The company hopes to capture a market share of 35 per cent with the launch of these suits. The total market for suits and blazers constitutes 16 per cent of the total apparel market which stands at Rs 2,500 crore.
The next on the agenda is trousers. Mr Rao said that the company plans to launch trousers in the price of Rs 495. In tune with the mid-price for shirts, the trousers would also be in the mid-price segment.
With this, the company will complete what is called the wardrobe solution for a brand, added Mr Rao. The complete wardrobe was necessary in this price segment, since the company is present in the premium price brand.
Peter England constitues 17 per cent of the company’s sales and the company hopes to increase it to 18 to 20 per cent in the coming year. Mr Rao added that Peter England would contribute Rs 110 crore to the company’s revenue in the next year.
The company is hoping that the aggressive retail expansion which in on the anvil will lead to improved growth of its branded apparels.
Last year, the company saw a 35 per cent increase in revenues, backed by 29 per cent rise in volumes.