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Sunsets on Straps Innerwear from Oswal group

July 15, 2008


You are Reading this First HereThe retailing bug had bitten everybody in India from Tata, Birla, Ambani to Oswals. Even before retail took off in a big way there are weak hearted business groups such as the Oswals who have decided to wind up their retail venture Straps Innerwear & Lingerie business.

Straps had 22 outlets and is closing down all of them. Adish Oswal, MD said,

We have decided to close all our retail outlets and it is a strategic decision taken by the company. We are exploring several options on venturing into new business but no decision ahs been taken so far.

Investors on Dalal Street probablycan recall how the Oswals ripped off investors money in early 90s with series of IPOs – Oswal Agro, Oswal Spinning, Oswal Yarns etc. From their track record we are really skeptical about their intent to do real business and its will be an uphill task for a business group such as Oswal which never had any intention to build a successful business.

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