Sangam plans 15 retail stores, floats 100 per cent subsidiary

Sangam (India), a leading integrated textile conglomerate plans to open 10-15 stores in Tier I and II cities by March 2017. With this in mind Sangam has floated a 100 per cent subsidiary. The subsidiary, Sangam Lifestyle Ventures has been floated for its retail business. The new subsidiary will focus on developing new exclusive chain of stores under the C 9 Fashion brand name while the company will continue to expand its multi-brand outlets.

The company plans to offer more than 100 exclusive range of products in these stores. Till date, the company has appointed 700 Multi Brand Outlets (MBOs) all over the country. Further, it intends to take this network to 1,000 by the end of this fiscal. Sangam also plans to set up 10-15 EBOs by the end of this financial year, it is learnt. It has already started its online retail initiative with c9fashion.com and has also tied up with several online retailers in the country.

Sangam (India) reported a 49.39 percent rise in net profit at Rs 77.04 crores for the last fiscal. Increased integration focus on exports helped the company maintain realisations, despite falling prices.