Raymond aiming for 40 per cent retail growth

Raymond the well-known textile and apparel major has

announced that it’s aiming to increase revenue from retail business up to 40 per cent in the next two years. The company plans to expand aggressively and add more stores in smaller towns. According to the Raymond’s president (retail and business development) Rakesh Pandey, Raymond is looking at a 30-40 per cent jump in revenue from retail business in the next two years from the current turnover of about Rs 1,000 crores.

The focus will be mainly in smaller cities. The company plans to add 300 stores in the next two years. At present, the firm operates 500 outlets, of which about 80 per cent are franchisees. Pandey says they plan to open 250 stores in Tier II and Tier III cities alone. Most of these would be franchisees with store size varying between 1,000 and 1,500 sq. ft.

Under its retail vertical, Raymond has the Raymond Shop a premium retail store offering complete wardrobe solutions for men; Brand Shop, exclusive stores for stand-alone brands of the firm and Be: Home, a specialty multi-brand home retail chain for soft home furnishings and accessories.