IndiaRetailBiz

Hakoba Lifestyle, the retailing arm of the Surat-based Pioneer Embroideries, has finalised plans to foray into small, medium and large format retailing, according to a Business Standard report.

Hakoba is a popular brand of embroidered sarees and dress materials across the country.

In the next four years, will invest over Rs. 250 crore, to set up 400 small and 80 medium format stores. Small stores will have an average size of 1,000 sq ft.

In the second phase of expansion, Hakoba Lifestyle, plans to set up 30 large format stores of average 40,000 sq ft size.

Among other initiatives, Hakoba will also introduce a value retail format for hypermarkets.

While, the small and medium formats will house Hakoba’s own brands, large format stores will also offer other brands of non-competing categories.

With these initiatives and increased focus through a dedicated subsidiary, Hakoba expects to garner a revenue of Rs. 210 crore in 2008-09 against 2006-07 revenue of Rs. 44 crore.

While, Hakoba has already introduced a menswear label called Born Rich, it is in the process of introducing a lingerie label by next year. It is also looking at foraying into the home furnishings segment.

With a view to add value to its existing products, Hakoba has roped in well known fashion designers Rockey S for creating a club and fashion wear range and Archana Kochhar for developing a collection for bridal and occasional wear segment. The company is also looking at creating separate brands for large format stores. It will also develop sub brands under the Hakoba brand.