Arun Sirdeshmukh, Chief Executive Officer of Reliance Trends, the retail division of Reliance Industries (RIL) which specializes in apparels and accessories, said that the retail arm is likely to grow its sales to almost double this fiscal, over last fiscal.
While speaking on the sidelines of the inaugural ceremony of company's 50th nationwide and Hyderabad's fourth outlet, he said that the firm aims to open 50 new outlets this year, thus taking the total number of its outlets in the country to 100.
Mr. Sirdeshmukh said that though Reliance Trends is a small company in terms of its business size, it is very strong fundamentally. The company's turnover of Rs. 3.3 billion achieved during last fiscal was due to its strategy to double its sales each year, and it hopes to double its revenue this fiscal as well, he added.
He said that heavy demand from consumers who prefer stores with easy accessibility and affordability enabled them to launch 50 outlets in the last 50 months. Technology and innovation are the two main drivers of the firm, which helps it to give better value deals to customers, he added.
The CEO said that majority of the outlets have been launched in Tier-II and Tier-III cities and the present ratio of metros to smaller town stores is 60:40. However, he said that they intend to convert this ratio to 65:35 this year.
Reliance Trends is considering launching new outlets in small towns like Bhimavaram in West Godavari district of Andhra Pradesh, while also foraying into big cities along side to strengthen its customer base.
While talking about the revenue mix between private and other labels, he said that it is 50:50 at present. However, the ratio would alter to 55:45 over the next couple of years, he added.
Fibre2fashion News Desk - India
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