Textiles and apparels major, Raymond Ltd, plans to add up to 300 retail outlets, by March 2011, which will take its tally up to 800 stores. Most of these stores will be set up Tier IV and V, towns and cities, which have a population of around 500,000 people.
This was revealed by the Chairman and Managing Director of Raymond, Mr Gautam Singhania, who said that this would entail an investment of Rs one billion, half of which would be borne by the company and the rest by its franchisees.
The expansion would also mean addition of 450,000 square feet to the existing space and he also expects the turnover to touch Rs two billion once these stores start operating. We will be introducing new products every month at different price points, he said.
Raymond has added 50 stores in the month of September alone. Mr Singhania termed the addition of 50 stores in a single month as a big leap of faith in the Indian retail market. Raymond has brands like Manzoni, Park Avenue, Parx and ColorPlus in its portfolio.
Fibre2fashion News Desk - India
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