Mumbai May 16: Aditya Birla Nuvo has forayed into apparel retail with the launch of Peter England People, it's first family store, at Mumbai. The company expects to garner Rs 4,500 crore ($1.5 billion) revenue from the apparel retail business in next five years.

Madura Garments, the company's apparel division, has transformed Peter England, its popular menswear brand, into a family retail format. It 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. Kumar Mangalam Birla, chairman, Aditya Birla Group, said, " We are targeting an aggressive turnover of Rs 1,300 crore from Peter England People in five years."

Later this year the company is slated to launch another format of Mens Lifestyle Stores, in an attempt to tap the super premium and luxury segment.

Referring to Aditya Birla Nuvo's overall retail plans, Birla said, "The company aims to become one of the top three organised retailers in next 3-5 years. There is no need of an international partner. We are examining new formats but nothing is finalised yet." Currently Aditya Birla operates 550 super markets and two large format stores under the More brand.