Siyaram’s to increase store count to 250

Once an apparel brand establishes base,

it normally extends its portfolio to accessories segment. On the same lines Siyaram’s is now expanding its product portfolio to add perfumes and deos. What’s more, Siyaram’s, which owns brands like J Hampstead, Oxemberg, Siyaram MSD, has about 100 exclusive stores and wants to expand it to 250 before venturing into the new category.

“When we increase our exclusive shops, we will look at new products. In the next three to four years, the company-owned stores will be around 250-300. Once we reach 250 stores, we will look at perfumes and deodorants,” Siyaram’s vice-chairman and MD Ramesh Poddar says. The domestic deodorant market is estimated to be around Rs 900 crores, and the men take a lion’s share of 70 per cent. According to analyst firm Technopak Advisors, the segment is expected to grow at about 25 per cent annually.

A major producer of blended fabrics in India, Siyaram recently also decided to expand its fabric and garment production capacity to cater to ever rising demand for branded products and readymade garments. The company intends to spend about Rs 160 crores for the expansion that is intended to kick off in August or September this year. The funds would flow from internal accruals and debt capital.

Last fiscal, the company registered net sales of Rs 900 crores, which it intends to grow to Rs 1,100 crores during the current fiscal, with garment business contributing Rs 200 crores to the same. It also expects to see its gross turnover reach 15 per cent above its net turnover.