The Lakshmi Mills Company Limited, today forayed into the retail segment with the launch of Tyche Life chain of stores to sell western casual outfits.
Tyche Life is targetting the mid and upper-mid segment and comprises western casual wear for men, women and kids in the price range of Rs. 400 to Rs. 1,500. Tyche Life hopes to open 800 exclusive outlets by the end of fiscal 2007 and have set a target was to sell one million pieces every year.
Its entry into the garment retail business is an exercise aimed at achieving forward integration. “We are targeting a Rs. 10-crore turnover by March 2007 and later plan to take it to Rs. 25 crore,” Lakshmi Mills Vice President Operations, N. Jaychander.
Tyche Life would be at an advantage because of the Lakshmi groups expertise in cotton and yarn business for years and this would help Tyche Life sell very good fabric and designer clothes at cheaper prices compared to Pantaloon Retail (India) Limited or Mudra Garments or Aditya Birla Nuvo Limited.