Date:12/06/2007 URL: http://www.thehindubusinessline.com/2007/06/12/stories/2007061202010500.htm

Back Oswal group co Straps draws plan for expansion

Anjali Prayag

Bangalore June 11 Punjab-based Oswal Group's women's intimate wear retail chain, Straps, has drawn up rapid expansion plans across the country.

Straps set up its first store in December 2004 and currently has 20 stores all over the country with plans to take that number to 40 by March 2008, according to Mr Adish Oswal, Managing Director, Oswal Retail Pvt Ltd.

"Yes, we did take some time in increasing our presence in the country, but that's because of lack of good retail space available earlier," he said. The increasing number of malls in the country has clearly ushered in a new line of opportunity for us, he said.

Industry estimates peg the organised intimate wear market in the country at around Rs 2,000 crore, expected to grow at

70 per cent per annum to touch about Rs 3,500 crore by 2011.

Market share

According to Mr Oswal, Straps is expected to garner at least five per cent of the market share by 2009 and is targeting a turnover of Rs 150 crore by March 2010.

The Oswal Group has invested close to Rs 35 crore in the project and is looking at an investment of another Rs 50 crore by March 2009. "We may look for private equity in the next phase of investment," Mr Oswal said.

Straps offers 9-12 international brands in four different categories: lingerie, nightwear, swimwear and maternity wear. Some of the brands on the shelves are Parah, Off Limits, Cotton Club, Triumph, Wonder Bra, Body Line and Moon Dance.