The Haridwar-based firm plans to open around 100 outlets of Paridhan by the end of this fiscal.
New Delhi: Baba Ramdev-led Patanjali Ayurved on Monday forayed into the fast growing branded apparel segment through its brand 'Paridhan' and expects a sale of around Rs 1,000 crore next fiscal.
The Haridwar-based firm plans to open around 100 outlets of Paridhan by the end of this fiscal and have a network of around 500 stores by March 2020, mostly on franchise model. It has introduced three brands -- Livfit, Aastha and Sanskar-- targeting customers across all age groups.
"This year, we would have a network of 100 stores ranging between 500-2,500 sq feet. We are aiming a turnover of around Rs 1,000 crore in the next fiscal," said Baba Ramdev. He further added:" It would also be available online by next year. We are working on it."
While Sanskar would be a range of menswear, Aastha is a women's brand and Livfit would have a range of sportswear and Yoga dresses.
"Our target is to compete with multinational companies in this field such as adidas, Puma," he said adding the Paridhan range would be around 30-40 per cent cheaper and would target ordinary people.
The company may plan to have standalone store of its three brands, depending on the catchment area and availability of space, said K M Singh, who is heading the apparel business of Patanjali.
According to Ramdev, in textile industry, 90 per cent sales is through unorganised segment and the branded segment accounts only 10 per cent, in which there is hardly any Indian brand.
"We want ordinary people to feel proud of wearing domestic brand," he added.
Besides, Paridhan would have a range of artificial jewellery and wedding clothes which would be at least 40 per cent cheaper than rivals, he claimed. Range of Patanjali jeans would start from Rs 500, shirt (Rs 500-1,700). Paridhan would have around 1,100 options along with 3,500 SKUs of menswear, womenswear, kidswear, denim and accessories.
The company is sourcing from 90 vendors across India and would encourage small and medium enterprises, Singh added. This is the ninth venture of Patanjali after entering into herbal ayurved, natural pure products, cosmetics, personal care, cattle feed & biofertilisers, dairy products and frozen vegetables and packaged water.
Patanjali, which had recorded multi-fold growth in recent years, witnessed a marginal growth only last fiscal hit by the implementation of GST, finishing at around Rs 12,000 crore . In 2016-17, Patanjali clocked a turnover of Rs 10,561 crore, registering 111 per cent growth.