Triumph to invest Rs 100 cr in India

Global women's inner wear maker Triumph will invest Rs 100 crore (25 million dollar) to open 100 stores in India, in the next two years.

"In India we are expanding our operations by opening 70 exclusive stores in the country this year and in the next year the number would go up to 100," Triumph General Manager and Country Head (India) Thorsten Allenstein told the reporters on the sidelines of Pure & Play Retail Summit today.

The company has already invested 30 million dollars in setting up a large manufacturing facility in Chennai and after becoming fully operational will employ more than 5,000 people. The facility currently employ 1,300 people and is adding up another 200 people every month.

"Initially the facility would be used for export and later it would be dedicated only to cater Indian market," he said.

Triumph is also in the process of finalising the deal for the joint venture for its retail business and is expected to announce the deal by the end of this week.

"I am here in India to finalise the deal for the retail joint venture and by the end of this week I am going to announce it," he said.

Triumph started its operations in India in 1998 and is now working on to bring its premium luxury brand 'Valisir' in India.