Italian leather accessories brand Blue and Blues on Wednesday announced its foray into the Indian market and said it plans to invest about Rs 10-12 crore over the next few years on retail expansion.
"We will open 18 exclusive Blue and Blues stores across India in the next three years and add new variety and range of products," Blue and Blues Fashion Pvt Ltd Director Praveen Agarwal said.
"All these outlets are to be company owned, but we may also consider the franchisee model," he said, adding the company was aiming a sales of about Rs 35 crore in the next three years.
Even though the products are available at retail outlets, Agarwal said the company is currently looking at merchandising the products through exclusive stores.
"It is important for us to build a brand identity and we are not focusing on a franchisee model for the immediate future, he said.
He said the company was mulling to set up a new manufacturing unit in north India to cater to domestic as well as export markets.
"The manufacturing facility here could be set up in a JV with the Italian parent company and would meet domestic as well as export requirements," he said.
Asked about the investments for its new unit, Agarwal said it would be decided after the finalisation of the joint venture.