Apparel brand Ritu Kumar, which currently runs 36 stores across the country, plans to scale it up to 86 stores in four years to increase its retail footprint, says a PTI report.
Besides, the group runs two kinds of stores namely Ritu Kumar Label with brands designed exclusively by her and Ritu Kumar Store which sells a combination of all brands in a single store.
‘Currently, we have 36 stores and we are looking at increasing it to 86 stores over a period of four years from now and a majority of them will be the Ritu Kumar Label,’ according to the group.
Chief Executive Officer, Amrish Kumar told PTI in Mumbai on Thursday, adding that in Mumbai alone where the chain has seven stores, it would open three more stores. The retailer received investment to the tune of Rs 100 crore from private equity firm Everstone early this year.
"We have received Rs 100 crore of investment from PE firm Everstone and we will use it to increase our retail footprint in the country," Kumar said. The retailer has a staff strength of 350 and it plans to recruit more people to diversify its range of products.
"We will recruit more at the senior managerial level as we plan to diversify into lifestyle oriented products," he said. The company already sells its products through its own website as well as other e-commerce platforms."My company's sale through e-commerce is currently pegged at about five per cent. However, we do see a growth of around 30 per cent to 50 per cent in this space on an year-on-year basis, he said.