Raymond has announced that it is aiming to increase revenue from retail business by up to 40 per cent in two years from the current Rs 1,000 crore, for which it will add more stores in smaller towns. "We are looking at 30-40 per cent jump in revenue from retail business in the next two years from the current turnover of about Rs 1,000 crore," said Rakesh Pandey, President (retail and business development) at Raymond.
In the third quarter ended December 31, Raymond reported a total income of Rs 375.9 crore and for the nine-month period it stood at Rs 1,017.95 crore.
To achieve its target, the company is stepping up retail expansion, especially into smaller towns and plans to add 300 stores in the next two years.
“We are expanding our outlets mainly in smaller cities and we will add 300 stores in the next two years,” he said, adding at present, the firm operates 500 outlets, of which about 80 per cent are franchisees. He said about 250 stores will be opened in tier II and tier III cities, and most of them would be in the franchisee model with the size varying between 1,000 and 1,500 sq ft.