New Delhi: Etam, a French fashion apparel brand, has said its joint venture company, Pantaloon Retail will invest Rs 100 crore to set up 40 outlets across 14 cities over the next three years.Women in Indian cities will now be able to pick up Etam French lingerie, swimwear and innerwear for any occasion, addressing every mood, from a store not too far away.
Both the companies will have a financial participation of 50 per cent in the enterprise and the clothes will be sold under the brand name 'ETAM Future Fashion Private Limited'. It aims to become a Rs 100 crore brand in the Indian lingerie market by 2010.
Announcing the joint venture at a press conference at the French embassy, Elisabeth Cunin, CEO, Etam Lingerie, said: "The legacy of Etam goes back 90 years, epitomising style down the ages. We are excited to partner with Pantaloons Retail and have aggressive expansion plans."
"The estimated lingerie market stands at Rs 700-800 crore and is growing at 20 per cent rate annually. Etam will target women below the age of 30 years and will look at metros and other cities like Chandigarh and Bhopal for increasing foothold in India,'' Etam Future Fashion Chief Executive Officer Jaydeep Shetty Thursday evening.
The Etam lingerie collection is a heady mix of fun and romance combined with elegance and flawless fit. Crafted from satin, silk, cotton and lace, the line compromises delicate patterns, vibrant motifs and fine finish in shades of whites, off-whites, blacks, pinks, reds and blues.
Its products, priced between Rs 399-1200, are available in Pantaloon stores and Central Malls, both owned by Kishore Biyani's Future group.The company plans to open 20-22 stores on a standalone basis in the near future.
"The products will be sourced from India and will be fully imported from France," said Mr Shetty.
The company, however, has no plans to manufacture its products in India.