Sai Silks (Kalamandir) Launches Its 50th Store !!!
Chennai 07 October 2022 Sai Silks (Kalamandir) Launches Its 50th Store !!!
Third ‘VaraMahalakshmi’ format store in Tamil Nadu inaugurated by renowned actresses Radikaa Sarathkumar and Kushboo Sundar
The store houses premium product offerings including a variety of sarees such as Banarasi, Patola, Kota, Kanchipuram, Paithani, Organza and Kuppadam
Chennai, October 7, 2022: Sai Silks (Kalamandir) Limited (Sai Silks or SSKL), one of the leading retailers of ethnic apparel, particularly sarees, in South India in terms of revenue and profit after tax in Fiscal 2019, 2020 and 2021 (as per a Technopak report), opened their landmark 50th store in Chennai, Tamil Nadu today. The new SSKL store, which operates under the brand name ‘VaraMahalakshmi Silks’, is spread over an area of more than 4000 sq. ft. across two floors and is located at 3rd Main Road, Anna Nagar, Chennai.
The new VaraMahalakshmi store is the third such store in Tamil Nadu – other two being located at Mylapore, Chennai and Gandhi Road, Kanchipuram. It houses premium product offerings, including a variety of sarees such as Banarasi, Patola, Kota, Kanchipuram, Paithani, Organza, Kuppadam, etc., with major focus on handlooms such as Kanchipuram silk sarees. SSKL’s stores are focussed on spreading India’s vibrant culture, traditions and heritage by offering a diverse range of products which includes various types of ultra-premium and premium sarees and ethnic wear, including value fashion products. The premium ethnic silk sarees and handlooms targets, inter alia, wedding and occasional wear. VaraMahalakshmi sarees retail in the range of approximately Rs. 4,000 to Rs. 250,000.
Mr. Nagakanaka Durga Prasad Chalavadi, Managing Director, Sai Silks (Kalamandir), said, “Tamil Nadu has always been an important market for us. We are delighted that our third store in the state is coinciding with Sai Silks crossing a major milestone of 50 stores across India. The VaraMahalakshmi format store offers our entire range of premium silk sarees and Kanchipuram sarees. The new store, which is strategically located in a prime area, is part of our cluster-based approach.”
Mr. Chalavadi added, “We believe our VaraMahalakshmi stores provide a unique experience and customer service, which combined with our inventory and variety of SKUs that we offer, enables us to attract and retain a growing customer base. From here on, we intend to open 25 additional stores across South India and these are planned over the course of next two Fiscals.”
The VaraMahalakshmi retail brand format was established in 2011 with the first store opening in Chickpet, Bengaluru, and has been further scaled in cities such as Bengaluru, Hyderabad, Chennai, Vijaywada, Nellore etc. as of May 31, 2022.
VaraMahalakshmi stores are more traditionally decorated and reflects the brand’s roots in the Kancheepuram culture. It was conceived as a brand which would reinvent the handloom saree business and offers Kanchipuram silk sarees and other handloom and occasion-wear sarees under one roof.
Sai Silks has four store formats including Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall, offering products to various segments of the market that include premium ethnic fashion, ethnic fashion for middle income and value-fashion, with a variety of products across different price points, thereby catering to customers across all market segments.
About Sai Silks (Kalamandir) Limited
Sai Silks (Kalamandir) Limited is one of the largest retailers of ethnic apparel, particularly sarees, in South India in terms of revenues and profit after tax in Fiscal 2019, 2020 and 2021. (Source: Technopak Report). Sai Silk operates four store formats, i.e., Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall. The firm also offers products to various segments of the market that include premium ethnic fashion, ethnic fashion for middle income and value-fashion. Sai Silk Kalamandir was founded by Managing Director, Nagakanaka Durga Prasad Chalavadi a first generation entrepreneur who set up the first ‘Kalamandir’ store in 2005 at Hyderabad, Telangana with a store size of 3,213 square feet. The firm has since expanded to 50 stores in four south Indian states, i.e., Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. SSKL attracts and retains a growing customer base that, as of May 31, 2022, exceeded over 50 lakh customers in India.
SSKL focuses on spreading India’s vibrant culture, traditions and heritage by offering a diverse range of products which includes various types of ultra-premium and premium sarees suitable for weddings, party wear, as well as occasional and daily wear; lehengas, men’s ethnic wear, children’s ethnic wear and value fashion products comprising fusion wear and western wear for women, men and children.
Sai Silks has expanded its presence in online e-commerce marketplace and started selling its products through its own online websites, www.kalamandir.com, www.brandmandir.com, www.kanchivml.com and www.klmfashionmall.com as well as through other third-party online e-commerce websites which provides an omni-channel network to customers through online and offline channels.
“Sai Silk (Kalamandir) Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus dated July 21, 2022 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, Motilal Oswal Investment Advisors Limited at www.motilaloswalgroup.com, Edelweiss Financial Services Limited at www.edelweissfin.com, HDFC Bank Limited at www.hdfcbank.com, respectively, and the websites of the stock exchange(s) at www.nseindia.com and www.bseindia.com , respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the red herring prospectus, when available. Potential investors should not rely on the DRHP for any investment decision.
The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws in the United States and, unless so registered, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws in the United States. Accordingly, the Equity Shares are being offered and sold outside the United States in offshore transactions as defined in and in compliance with Regulation S and the applicable laws of the jurisdictions where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.”