March 24, 2009 3:57:00 pm
With falling rentals amid the economic downturn,fashion house Kimaya Studios is now looking at building its presence overseas,besides expanding operations in the domestic market.
The Mumbai-based fashion house is looking at foraying into the US and European markets after setting up a shop in Dubai.
“That is the most obvious step as Indian fashion has gone global. We are looking at Europe and the US markets,but since we are still in the process,we can’t talk much about it,” Kimaya Studios founder Pradeep Hirani said.
Kimaya,which has 13 stores in India at present,wants to open six more stores in the country by September this year.
“By August or September,we should have two stores each in Ludhiana and Chandigarh,besides two in Mumbai. Talks are underway for Goa and Hyderabad,which we expect to come up around the same time,” he said.
Hirani said the expansion would be funded through internal accruals but declined to comment on the details.
“Recession has actually worked for us and we have been able to negotiate a minimum of 50 per cent reduction in rentals,in some case even 68 per cent,” Hirani said.
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