Globus to invest Rs 25-30 crore on expansion

Globus, a popular apparel chain, is planning to give its customers five more stores with an investment of Rs 25-30 crore. The brand is promoted by Rajan Raheja Group.

Due to recession, the company was hesitant to open more stores last year, but now it is geared up to open more outlets, this fiscal.

“Last year has been tough for all retailers and it was same with us. We saw a lull in the first quarter, but it picked up later and we closed our books with a top line growth of 4 per cent. For the current financial year, we hope to achieve a growth of 17-18 per cent,” said Vinay Nadkarni, managing director and chief executive officer, Globus Stores Private Ltd.

At present, the company has around 25 stores with a carpet-area of 2.5 lakh sq ft for its retail operations. Focusing on its private labels, it has opened a designer studio in Andheri, Mumbai with the investment of Rs 60 lakh. Globus vies with Pepe Jeans, United Colours of Benetton, Wrangler and Lee.

The company contemplates to open its outlets in the cities namely Nagpur, Aurangabad, Vijayawada, Pune and Hyderabad.