Delhi-based apparel retailer Cantabil Retail India Ltd has announced to mark its footprints in tier I and II cities which are under-served in terms of brand offerings.
The company is firming up to meet the increased demand from a growing segment of middle class consumers. It is also looking to raise Rs 105 crore through an initial public offering.
Vijay Bansal, Chairman and Managing Director, Cantabil Retail, said that the company intends to have at least 20 per cent of upcoming outlets in tier-II cities and towns. Further, there is a plan to expand to the southern and eastern part of India.
He said the IPO is likely to come up by June-end. Besides funding its retail expansion, the proceeds from the IPO will be used for debt repayment of Rs 60 crore, and also to set up a manufacturing facility at Bahadurgarh in Haryana.
Bansal added that the company is focusing to open 180 new outlets in the current fiscal. The expansion will be a mix of company-owned and franchisee-operated stores.
The company designs, manufactures and retails readymade garments and accessories, with 416 retail outlets spread pan-India.