Raymond is aiming to have a retail network of around 2,000 stores across all its brands in the domestic market by 2021, as the fabric and fashion retailer expands in smaller towns, a top company official said.
The company, which opened its 1,000th Raymond branded store in Surat on Wednesday, has plans to add another 500 stores in the next two years, taking the total count to 1,500 branded stores across India.
Raymond currently operates a network of 1,500 stores across all the brands in 600 cities.
"By 2021, Raymond would have a network of 2,000 stores," Raymond's Lifestyle Business CEO Sanjay Behl told PTI.
Most of the new Raymond stores will be opened on franchise model, he said.
Besides, the company is also planning expansion in overseas markets. It plans to have 50 stores in Bangladesh, where it is investing substantially, and is also evaluating entering the US market.
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The iconic brand, with a legacy spanning over 90 years, started its retail journey in 1958 by opening its first shop in the fort area of Mumbai.
"As we open our 1,000th store, Raymond as a company has become the largest branded fashion retail network in the country," Behl said.
Presently, a Raymond branded store averages sale of Rs 2 crore per year, making it a Rs 2,000 crore business, he said.
"Of the 1,500 stores (we operate), 1,000 are Raymond stores and rest are from other brands which include Park Avenue, Color Plus and Parx," he added.
It also operates 18 stores in Bangladesh, 4 stores in Nepal and around 10 stores in Middle East and Pakistan.
"Now we are looking big at some countries...We are looking to invest in neighbouring countries...in Bangladesh. We have 18 shops there and we would invest there and in next 12 to 18 months would probably have 50 shops," Behl said, adding that the company is also looking at opportunities in Nepal and Sri Lanka.
Raymond has also listed its product on Amazon for the US market.
"We are evaluating as what kind of traction do we get (in the US market)," he said.
The average size of a Raymond store is around 2,000 sq feet, but the company has opened 300 mini TRS (The Raymond Shop) in the last 18 months with size ranging between 800 to 1,200 sq feet.
"Most of our expansion is happening in tier IV, V and VI places, where we have not close to 550 Raymond stores," he said.
"Right now, we are going with a pace of opening almost one store a day in Raymond network and adding around 300 to 350 stores in a year and almost 70 per cent stores are coming in tier IV, V and VI places," Behl said, adding that the company already has a fair presence in developed markets.