DCM Benetton, a joint venture between the Italian Benetton Group and DCM, plans to grab a greater share of India's readymade apparel market.

The company says it will invest $15 million over the next three years on both back-end factory operations as well as front-end retail, and will add between 50 and 60 more stores to the current 100 already in India over the next year.

Managing director Natalino Duo told the Economic Times that the company, which is also setting up a design team to create styles specifically for the Indian market, next year expects to increase revenues by 20 per cent over the current Rs80 crore.

"India's potential in the next few years is going to be immense,"he said. "Conservative estimates put the branded readymade apparel market at Rs6,500 crore. It's growing by 15-20 per cent every year, and we intend to cash in on that."

The company recently opened stores in Hyderabad, Kochi and Calicut, and is planning more in Bangalore, Chennai and Hyderabad.

Although there are no immediate plans to set up a manufacturing unit in the south, the availability of cotton, at Tirupur, for knitted fabrics and Coimbatore for woven textiles, would make this a possible move added Mr Duo.