Baba Ramdev-led Patanjali forayed into the fast-growing branded apparel segment through its brand ‘Paridhan’. The Ayurveda company expects a sale of around Rs 1,000 crore next fiscal, according to a PTI report.
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 the franchise model.
Targeting customers across all age groups, the company has introduced three brands – Livfit, Aastha and Sanskar.
“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,” Baba Ramdev was quoted as saying.
The company aims to compete with multinational companies such as Adidas. According to the billionaire monk, Paridhan range would be around 30-40 percent cheaper and would target ordinary people.
Sanskar would be a range of menswear, Aastha is a women’s brand and Livfit would have a range of sportswear and Yoga dresses.
KM Singh, who is heading the apparel business of Patanjali, said the company may plan to have a standalone store of its three brands, depending on the catchment area and availability of space.
According to Ramdev, in the textile industry, 90 percent sales is through the unorganized segment and the branded segment accounts only 10 percent, in which there is hardly any Indian brand.
Besides, Paridhan would have a range of artificial jewellery and wedding clothes which would be at least 40 percent cheaper than rivals, as per the PTI report.
The 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, kids wear, denim and accessories.
The company is sourcing from 90 vendors across India and would encourage small and medium enterprises, Singh added.
After foraying into herbal Ayurveda, natural pure products, cosmetics, personal care, cattle feed & biofertilizers, dairy products and frozen vegetables and packaged water; the apparel segment will be the ninth project.
The company claimed that the venture will also be available online by next year.