Delhi-based lifestyle fashion brand Ritu Wears today said it will invest around Rs 230 crore over the next four years as part of its plan to expand pan- India by opening 33 large format stores across the country.
The company also said that it is going aggressive with home category portfolio, and will focus more on the toys and books segment in its outlets.
"We are looking beyond North India and our sight is set on markets like Indore, Jaipur and Bhopal. We will open 33 outlets across the country by 2013 with each store requiring an investment of up to Rs 7 crore, entailing a total of around Rs 230 crore," Ritu Wears Managing Director Sanjay Sahni told PTI.
He said the investment will be made from the company's internal accrual and debt.
"Last fiscal, we clocked Rs 116 crore as turnover and this year we are on way to cross the Rs 170 crore. We will keep the balance between our own private labels and other brands like Van Heusen and ColorPlus that we sell in our outlets," Sahni said.
The company currently has 10 large format outlets with an average size of 30,000 sq ft. It offers products in the apparel, footwear and home categories.
"This year we will work more on the home segment and our focus in on toys and books. We will increase the space allocation for these products in our stores by 2-3 times, from around 1,000 sq ft now," he said.
Sahni added that from this year, Ritu Wears' showrooms will also feature shop-in-shops of major foreign and domestic brands.
"We are in talk with brands like Tommy Hilfiger and Esprit for setting up their exclusive space in our stores. We will have the first such shop-in-shops by the next season," he added.