The National Textiles Corporation has drawn up aggressive plans to expand its footprint across the country with launch of 300 stores retail chain under the brand Indian Republic in two phases.
It has decided to open over 100 exclusive stores before the end of the current fiscal and the balance before the next year-end. The stores, to be launched initially in Bangalore, Hyderabad, Delhi and Chennai, will offer ‘value for money’ men’s wear garments priced between Rs. 399 and Rs. 1,499 and the initiative will be expanded to women wear in the coming months.
Union Textiles Minister K. Sambasiva Rao, who unveiled the brand logo along with Minister of State for Tourism K. Chiranjeevi, said the initiative was aimed at creating own brand in domestic market with focus on bringing down prices. Branded products were being sold at 200 per cent their manufacturing cost and the NTC initiative would bring down the costs by 40 per cent.
The Ministry was working on doubling the number of National Institutes of Fashion Design under its purview giving more opportunity to women and skilled workforce. “We have to compete globally keeping in mind the increase in the current account deficit on account of imports. Our exports are around US $ 300 billion while the imports have crossed US $ 500 billion. Can we afford such a huge current account deficit?” he asked.
He said the Union Ministry was firm on bringing in Rs.4,000 crore investments in textiles sector in the State of which NTC’s contribution was likely to be around Rs. 500 crore and the rest by opening up of textile parks. “We have a highly competent workforce which we cannot afford to lose,” he said.
NTC Chairman and Managing Director R.C. Sinha said the corporation planned to enhance capacity with the launch of a textile park in the State and was on the look out for 25 acre land. “It could be Guntur, Eluru or another location in the two districts. We have not pin-pointed the location yet,” he said.
