Red Tape to open 300 more stores in 2 yrs

Leather footwear, accessories and readymade apparel brand, Red Tape, is charting out an expansion plan, which would see the company open over 300 stores across the country in the next two years.

Of the new stores planned, about eight per cent would be company-owned and the rest franchisees, Rehan Ameen, national head (retail operations), Red Tape, told mediapersons here on Friday.

Red Tape, the retail arm of the Rs 400-crore Mirza International (formerly Mirza Tanners Limited), currently has 50 stores including eight company-owned. "Another 20 stores will be added in Maharashtra alone," he added.

Ameen said the company was looking at expanding its retail presence, which is expected to contribute 15 per cent to its total turnover next year, from the current 13 per cent.

"We intend to enhance our presence in various markets, while continuing our relationships with the multi-brand shops in the country," he said, adding that the company plans to introduce women's garments and accessories during the current year.

At present, Red Tape manufactures 6 million pairs of shoes per year from its factories in Kanpur and Noida. It sources apparel from various suppliers. It is planning to expand its manufacturing capacity by setting up a greenfield facility at Kashipur in Uttarakhand, Ameen said, while refusing to disclose further details.

"The new facility will cater to the domestic as well as the export markets," he said.

The company exports to more than 35 countries. Exports account for about 80 per cent of its turnover.