NEW DELHI: German fashion and lifestyle company s.Oliver today said it will invest 20 million euro (over Rs 150 crore) to set up 200 points of sale by 2016 to expand its presence in the Indian market.
Besides, the company also plans to introduce the s.Oliver junior line (kidswear) range in October 2013 to strengthen its product portfolio in India.
"s.Oliver India will be investing 20 million euros towards its goal of 200 point of sales, of which 2 million euros will be invested into the 30 point of sales that are slated to be open by the end of 2013 itself," the company said in a statement.
The firm will add 20 points of sale in the current calender year to its current sales network of 10. The total of 200 points of sale will include 53 standalone stores and multi-brand outlets, it added.
Commenting on the expansion plans, s.Oliver Bernd Freier GmbH & Co.KG CFO Thomas Steinhart said: "India is a challenging market with a lot of potential. It gains a significant importance for our global portfolio and will be in focus of our expansion plans in the next years."
In 2012, s.Oliver parted ways with Orient Craft and roped in a new joint venture partner, Design Pod. It also restructured size of its stores to a smaller format.
s.Oliver India Managing Director Rajive Ranjan added: "We want to triple our market presence from the current 10 to over 30 points of sales during the next months. With our new strategy we are confident that s.Oliver will beat up to 200 point of sales by 2016."
The company's new points of sales will come up in premium malls, as well as high-street locations. It will focus on northern India such as Delhi NCR, Punjab, Rajasthan, Uttar Pradesh and Uttarakhand, the statement said, adding new partnerships would be looked at for the wholesale business and pushing online availability of the brand.
S.Oliver has a global sales volume of 1.3 billion euros worldwide.