Brandhouse Oviesse, a joint venture between Brandhouse Retails and Italian fashion house Oviesse, has announced that it would invest about Rs 150 crores to open 190 stores pan India in the coming 5 years.
The company has plans to open 190 stores adding new brand in men’s wear category in Brandhouse portfolio. It is also filling the gap of women and kid apparel.
Brandhouse Retails, which is a part of textiles major S Kumars Nationwide Ltd, holds the majority stake of 62.5 per cent in the JV that was formed last year. It is the master franchisee for menswear brands like Reid & Taylor, Belmonte, Carmichael House and Stephen Brothers in India.
"We have an equity of Rs 160 crore, which we plan to invest on opening the stores in the next five years," Brandhouse Oviesse Chief Executive Officer Ashok Dalal said.
The company plans to open around 10 stores by March, 2011, in all the major cities before entering into other tier I and tier II cities in the next two years.