IndiaRetailBiz

Turtle Ltd, Kolkata-based fashion apparel maker that specialises in sale of ‘mass premium’ menswear and accessories, under ‘Turtle’ brand, is close to completing the process of  strategic stake transfer to Kishore Biyani-led Future group within one month. The apparel company, owned by Landasaria family, has for quite sometime been in talks with Future group for strategic investment through partial sale of its equity. Although, terms of the transfer deal, for which the two parties are in talks for some time, have been finalised, the process of actual transfer of stake may take a month.

According to the deal worked out between Turtle and Future, the fashion apparel maker will induct the retailer as a strategic investor, by selling a minority stake (in double digits) in the company.The deal will allow the leading menswear apparel brand to increase its retail presence across the country by shop-in-shop and other format stores in the retail chains operated by Future group. Turtle brand, which earlier was having its major presence in the Eastern states of Assam, West Bengal, Bihar and Orissa, is now availble across the country. The brand is currently sold through more than 1,200 retail points across 400 cities. While, leading retail chains like Central, Globus, Pantaloons, and Shopper’s Stop (which include Future groups chains as well) are already selling Turtle braded apparel, the brand has also set up over 30 exclusive stores under the Turtle World brand. These stores are located in Ahmedabad, Bangalore, Chandigarh, Chennai, Kolkata, Surat, Vadodara, Varanasi, among others.The company is also exporting its products to the middle East, while looking at entering into the lucrative European markets.With a view to increase cost competitiveness of its products, Turtle is also planning to set up a new manufacturing facility for making trousers at Howrah. Currently, trousers manufacturing is outsourced by the company.Conscious of its social responsibilities, Turtle embarked on the task of saving turtles in the country, particularly in Orissa and Gujarat.