Lawrence & Mayo to go slow on expansion on GST worries

Leading optical retail chain Lawrence & Mayo said it will go slow on expansion due to concerns on higher GST rates. From the lower VAT rate of five per cent, optical products including prescription eyewear and lenses now attract up to 28 per cent tax under GST.

"We are taking humble steps (on expansion) due to GST and demonetisation. The demonetisation hit us substantially but we could still grow at the rate of 11 per cent in last financial year. The entire industry is acting with caution on expansion as more clarity is waiting to emerge on GST rates and its impact”, said Suman Anjoy, business head, Lawrence & Mayo.

In 2017-18, Lawrence & Mayo hopes to clock 15 per cent growth in sales. The company which has 140 years in operations, has 120 stores across 44 cities. Nearly 80 per cent of the company owned outlets are concentrated in southern and western parts of the country. It expects to ramp up the store count to 200 by 2020.

To  bring back its clientèle into its stores, Lawrence & Mayo is running an offer which gives up to 50 per cent discount on products. Over the past 140 years, the company has developed a reputation for the service it provides standardised across all of its 115 outlets spread across 44 cities in India. The brand intends to further increase its presence with maximum stores coming up in cities like Kolkata, Guwahati, Siliguri and Bhubaneswar to strengthen its foothold in the Eastern and North Eastern parts of the country.