Sequoia Capital India has funded upcoming retailer Cotton Country to the tune of Rs 120 crore. The company plans to utilize the funds for introducing premium brands such as French Republic, Denim garments, entering the lucrative Womens and Kids wear segment.
The company will make its retail brands available across atleast 1,000 outlets in India by the end of 2010. Cotton Country has just 4 self owned shops and the rest 450+ are operated by franchisees and multi-brand showrooms. Mr. Sahni, VP of Cotton Country said,
We will authorize about 700 franchisees this fiscal and the turnover is expected to touch Rs 300 crore from Rs 170 crore. We are in the final stages of authorizing two outlets in Dubai to sell our brands. We have also understood that franchising is the best business model for our business.
Cotton Country shirts are priced upwards of Rs 299 and suits at Rs 2,200. Since it is part of Nahar Industrial group with presence in texiles, the company is able to offer such massive discounts.