Footwear maker Relaxo is eyeing about 25 per cent growth in turnover to Rs 2,500 crore this fiscal as it expands its retail network and introduces new products to tap the country's youth population. As the part of distribution scale up strategy the company plans to open 50 standalone stores in current financial year taking the total count to over 350 stores.
"Relaxo has been growing at a compounded annual growth rate (CAGR) of 20 per cent in the last five years. We are targeting turnover of Rs 2,500 crore in this financial year. We are increasing our retail distribution network ...we plan to add to 50 stores this year," Relaxo Assistant Vice President-Marketing Rajeev Bhatia while speaking exclusively to leading media agency.
The company had reported 18 per cent growth in turnover to Rs 2,000 crore in the previous fiscal.
Apart from its exclusive retail network the company has the healthy mix of franchised stores. Going forward, new outlets will be a mix of company owned and franchised stores as informed by leading media resources.