Oswal Retail Pvt Ltd, one of the leading players in the branded intimate wear retail market in the country from the Oswal Group, on Tuesday unveiled its new retail identity, called ‘Straps’. The move is aimed at expansion and consolidating its presence in the country.
Straps is the repositioned avatar of Oswal Group’s first intimate wear retail venture, Sensa, which was launched two years back. The new identity, called ‘Straps, Your Second Skin Store’, reinforces the company’s commitment towards the growth of the intimate wear retail market with plans to open 120 specialised stores in upcoming malls and key high street locations across the country by 2009.
Speaking on the occasion, Ashok Oswal, CMD, Oswal Group, said, “As one of the leading textile conglomerates in the country, this is the opportune time for us to spread our wings in the flourishing retail industry. Considering our specialisation and expertise in the industry, we have identified the intimate apparel retail as a growth segment for the next five years. We are targeting a group turnover of Rs 1,000 crore by 2010 and we are very optimistic about the retail segment that will contribute to 25 per cent of our turnover by 2010.”
Elucidating on the need for the repositioning, Adish Oswal, Managing Director, Oswal Retail, said, “We have been working on Sensa for the last two years, but in the last six months we felt the need to create a retail identity. Our objective was to build a retail brand and hence, Straps.”
According to management consultancy KSA Technopak, the organised intimate wear retail market in India was pegged at Rs 2,200 crore and was expected to grow at 70 per cent year-on-year till 2009.
Oswal Retail is bullish about the Indian intimate wear market and plans to capture 5 per cent share of the organised retail market by 2010. The company is planning to create a buzz around its new identity by focusing on ATL and BTL activities. There will be CRM programmes, outdoor activities as well as local store marketing. A budget of around Rs 3 crore has been earmarked for this year on marketing and advertising spends.