Chennai: Ethnic apparel retailer Sai Silks Kalamandir Ltd (SSKL) has launched its 57th store under Kancheepuram Varamahalakshmi Silks format in Poonamalle, Chennai.
The newly inaugurated store by actress Khushboo Sundar is 4th store in Chennai and the 7th store in Tamil Nadu. The store offers premium ethnic sarees & handlooms for wedding & occasion wear. The product portfolio comprises premium sarees such as Banarasi, Patola, Kota, Paithani, Organza, Kuppadam, and Kancheepuram silk sarees.
With a strong presence in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, the company offers a diverse range of products, including ultra-premium and premium sarees, lehengas, and men’s and children’s ethnic wear.
Prasad Chalavadi, CMD, Sai Silks Kalamandir Ltd, said, “We are delighted to open the 7th store in Tamil Nadu and 4th store in Chennai. This shows our commitment to Chennai and the rest of Tamil Nadu for delivering much-needed growth by expanding our presence in the ever-growing ethnic wear market in Tamil Nadu.
In order to support our growth strategy, we intend to penetrate Chennai further as we did in Telangana, and we will build a large warehousing facility as we open more stores to support our growth in Chennai and the rest of Tamil Nadu.
No better time to open stores than today as the festival’s time is around and the spending on ethnic wear is very high during Diwali, Christmas to Sankranti in Tamil Nadu.”
SSKL operates through four different format stores, namely Kalamandir, Mandir, Varamahalakshmi Silks, and KLM Fashion Mall, as well as through e-commerce channels that include their own websites and other online e-commerce marketplaces.
The diverse range of products offered includes (i) various types of ultra-premium and premium sarees suitable for weddings, party wear, as well as occasional and daily wear; (ii) lehengas; (iii) men’s ethnic wear; (iv) children’s ethnic wear and (v) value fashion products comprising fusion wear and western wear for women, men, and children.
The company has declared Rs. 1351 crore in sales and PAT of Rs. 97.60 crore in FY23, and per sft realisation is Rs. 22,397. SSKL is the first sizeable saree retailer to tap the markets to raise funds through an IPO, and it has grown from a single store in 2005 to 57 stores with a total floor area of more than 6 lakh square feet.