Oswal Retail decides to close down innerwear retail chain `Straps`

Oswal Retail had decided to set up a retail chain of innerwear garments under the brand name of `Straps`
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"We have decided to close all our outlets and it is a strategic decision taken by the company." — Adish Oswal, Managing Director, Oswal Retail. Oswal Retail Pvt Ltd (ORPL), a Ludhiana-based textiles major, which had decided to set up a retail chain of innerwear garments under the brand name of `Sensa` (later on changed to `Straps`), has decided to wind up this business, according to a PTI report. ORPL, based on a study made by retail consultancy Technopak, wanted to grab 5% of the growing undergarments market valued at around Rs 2,200 crore. The consultancy had predicted the market size to grow to Rs. 4,000 crore by 2009. According to original plans drawn by ORPL in 2004, the company was to set up a total of 120 stores at an investment of Rs 60 crore by 2009. So far the company has opened a total of 22 stores, most of which are located in the North India. The company was quite serious about its retail business is evident from the fact that it had expected retail to contribute as much as 25% of its total turnover by 2010. It had even tied up with several premium foreign innerwear brands, including Parah, Rene Rofe, Wonder Bra, Body Line and Moon Dance. These were sold through ORPL retail outlets.
 
 
 
 
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