Thursday, July 21, 2005
Zodiac to invest in retailing in India
With increasing competition in the post-quota regime, Zodiac Clothing one of the top brands in clothing segment has decided to invest further in domestic retail chains. The Zodiac group had earlier picked up a 2.93-per cent stake in Shoppers' Stop and is now looking at picking up further stakes in more retail chains However, there are no intentions of increasing its investments in Shoppers' Stop post the retail chain's IPO. Zodiac intends focusing on the Indian retail market. The Rs 151-crore Zodiac Clothing is currently on a retail expansion spree with plans of setting up 300 new stores. The company has already invested in a wholly owned subsidiary for the acquisition of a shirt manufacturing facility in the UAE and to expand its network of retail stores. Besides, Zodiac has decided to beef up the presence of its Zod brand of club wear and has recently launched its first Zod store at High Street Phoenix in Mumbai. Commenting on the opening of its first Zod store. Having stepped into the readymade casual wear market, Zodiac has been waiting for Zod to get established before investing in an exclusive shop for the brand.