The agreement was signed here between Pradeep Hirani, chief managing director, Karmik, and Sheikh Aftab Arshad, Asad Amin Sheikh, Asif Amin Sheikh of Arshadsons from Pakistan.
As part of this franchise deal with Lahore-based fashion retailer Arshadsons, Karmik plans to open six stores in cities such as Lahore, Karachi and Islamabad over the next three years. The estimated investment for this deal is around USD 3 million over three years.
"We feel that Pakistan is a brand conscious market and high quality products at reasonable prices are in great demand. Indian designers and garments are very popular in Pakistan; however, the only source of their availability is Dubai. We spotted this void between the demand and supply and hence, are bringing Karmik to Pakistan," Sheikh Aftab Arshad of Arshadsons, said in a statement.
Karmik has plans of expanding in other neighbouring countries too.
"The plan now is to take Karmik to other neighbouring countries like Nepal and Bangladesh, and to include few Pakistani and Dhaka designers to our repertoire of top Indian designers for Karmik," said Hirani.
In India, Karmik currently has 10 stores. It is aimed at expansion in the home country with plans for 12 more stores in immediate pipeline.
--IANS (Posted on 31-07-2013)