New Delhi: DLF Brands on Thursday announced the launch of its first multi-brand retail venture AVE.NEU and plans to open 25 outlets across India at an investment of up to Rs 125 crore in the next three years. (Agencies)
"We have plans to open 9-10 AVE.NEU stores in the next one year and around 25 in three years. The locations will include Mumbai, Pune, Chandigarh, Surat and Lucknow," DLF Brands CEO Dipak Agarwal told.
When asked about investments required for expansion he said: "We are not working with a fixed amount in mind, but one store would entail investment anywhere between Rs three crore to Rs five crore."
The company that opened the first AVE.NEU store in Delhi on Thursday said it will roll out three formats under the AVE.NEU brand -- multi-brand big format stores, discount stores and express formats for accessories.
The 15,000 square feet AVE.NEU store will sell apparel, accessories and home products from leading international brands like Boggi Milano, Claire's, DKNY, Alcott, Sunglass Hut, ELC and Mothercare with which the the firm has either licensing arranged or joint venture for the Indian market.
DLF Brands, a part of the real estate major DLF group, already operates around 120 exclusive outlets for the brands in its portfolio.
The company is also currently in talks with an European cosmetic brand for its India entry.
It had recently ended its joint venture with luxury brand Armani in India and is focusing on lifestyle brands that are scalable in India.
Commenting on the firm's decision to part ways with Armani, Agarwal said: "At this point, it is not possible to scale up luxury brands in India. So at least for the next 3-5 years we would like to concentrate on brands that can be expanded fast in the country."
New Delhi: DLF Brands on Thursday announced the launch of its first multi-brand retail venture AVE.NEU and plans to open 25 outlets across India at an investment of up to Rs 125 crore in the next three years.