Pantaloons to open 20 new outlets this fiscal

After picking up majority stake in earlier Future Group-owned venture Pantaloons Fashion & Retail in 2012, Aditya Birla Group is trying to give it a makeover while planning retail expansion. The company would invest Rs 150 crores to open 20 new outlets this fiscal and take the number of stores to 100.

In an investors' update, Pantaloons' parent company Aditya Birla Nuvo has said, “Full year capex (capital expenditure) guidance (for Pantaloons) stands at Rs 150 crores towards addition of 18-20 new stores to reach 100 stores mark. Pantaloons has already spent Rs 44 crores in the first half.”

The company posted a turnover of Rs 940 crores in the first half ended September 30, 2014. It will use the funds for refurbishing 21 stores. In July, Pantaloons had said it planned to raise up to Rs 500 crores through various means, including a rights issue this year to fund its growth capital requirements.

Recently, the Board of Directors of Pantaloons, at its meeting held on November 4, 2014, announced the appointment of S Visvanathan as the Chief Financial Officer of the company. Shifting its focus to private fashion labels, which Pantaloons believes can bring better margins, the company has launched three new private brands exclusively for men, infants and plus size individuals.