Rakesh Pandey, President (retail and business development), Raymond Ltd, stated that over the next two years, they intend to enhance their retail business earnings by around 30-40 percent from the present earnings of Rs. 10 billion. For the purpose the company aims to establish more stores in smaller cities.
He released the information while talking to the press at the AIMA event and also added that the company earned a total income of Rs. 3.76 billion for the third quarter ended on December 31, whereas for the nine-month period it could reach Rs. 10.18 billion.
Raymond in its retail vertical encompasses, the 'Raymond shop' which is a premium retail store offering total clothing solutions for men, the 'Brand Shop' – an exclusive outlet for the firm's nonaligned brands and 'Be:Home', a speciality multi-brand home retail chain for soft home furnishings and accessories.
To meet the objectives, the company is pacing up its retail expansion, particularly in smaller cities and also in the forthcoming two years, plans to add 300 new stores to the current 500 outlets, of which 80 percent are franchisees, Mr. Pandey informed.
He also announced that, they plan to start around 250 stores in tier II and tier III cities majority, which will adhere to the franchisee model, with an approximate store size between 1,000 and 1,500 sq. ft.
Fibre2fashion News Desk - India
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