Raymond to spread its wings in retail
Anticipating buoyant domestic demand, textile maker
August 05, 2010 | comments ( 0 ) |
Anticipating buoyant domestic demand, textile maker and retailer, Raymond Ltd. is planning toexpand its footprints by opening around 100 retail outlets this fiscal.
Raymond shirting fabrics JV would be adding 10 mn meters per annum while planning to addaround 100 franchise outlets this year as it closes unprofitable stores and consolidates to turncorner.
After detailed internal studies, the company is optimistic about the consumer sentiments andlooks positively on the demand side.
“Come winter season where we are taking in growth in excess of 17-18% in terms of bookings,we expect the optimism to continue,” chief financial officer H Sunder said.
Raymond plans to open up to three-fourth of the new stores in non-metros and class IV and Vtowns through franchise, in line with its strategy of cementing its footing in India’s hinterland.Raymond also plans a Rs. 400 million expansion of its shirting fabrics joint venture with Italy’sGruppo Zambaiti, boosting capacity by 10 million meters a year at its Kohlapur unit to 22 millionmeters.
- Microsoft starts retailing of Amazon Echo devices online and in stores
- ShopClues launches its first offline store in Lucknow
- Crocs opens its 100th store in India
- Williams-Sonoma, Inc. announces partnership with Reliance Brands for India Market
- Instant noodle brand YiPPee crosses Rs 1,000 crore sales mark
- Myntra CEO & CFO quit
- Levi Strauss plans to launch IPO
- Coffee Day Enterprises profit up by 60% in Q2 results
- Ecommerce to contribute 11% of FMCG sales by 2030: Nielsen
- Perpule Raises $4.7 million in Series A to Fuel Omni-Channel Retail & Consumer Commerce in India