Aditya Birla Nuvo has informed that the company has forayed into apparel retail business with the launch of Peter England People, its first family store, at Mumbai.

The company plans to invest Rs 400 crore to open 80 Peter England People stores, spread across 10,000 -12,000 sq ft, in next five years. It would launch the brand in Bangalore by June this year and later in cities like Delhi, Hyderabad, Chennai and Kolkata by end of 2008.

The market for apparel segment for organized players is estimated at Rs 4,900 crore and is expected to grow to Rs 1,30,000 crore in the next five years. The company expects to collect Rs 4,500 crore ($1.5 billion) revenue from the apparel retail business in next five years.

Madura Garments, the apparel retail business of the group, is looking to emerge as one of the top three retailers in the country in five years.

Madura has 250 flagship stores for brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England. Last year, the company had posted revenue of Rs 1,025 crore.

Aditya Birla Retail currently operates 550 super markets and two large format stores under the More brand. The company is slated to launch another format of Mens Lifestyle stores later this year, in an attempt to tap the super premium and luxury segment.