Reid & Taylor plans 150 outlets

Reid & Taylor, the S Kumars suitings brand, is on an expansion mode. It plans to take the number of its stores in the country to 150 by the end of the financial year with an advertising budget of Rs 20 crore.

"Of the 150 stores, 120 will be located in non-metros and will be run on franchisee models. The rest, which will be located in the six major cities, will be company-owned," said A Misra, senior vice-president - marketing, Reid & Taylor.

At present, the company has 26 stores in the country that offer ready-to-wear garments, such as formal blazers, jackets, trousers, shirts, ties and accessories. The company is also expanding the capacity of its existing plant in Mysore with close to Rs 90 crore investment spread over the next two years.

Post-expansion, the annual capacity will be increased to 6 million metre of suitings from the present 4.8 million metre capacity.

The company plans to take the manufacturing capacity of the plant to 13 million metre of suitings by 2008.

The company is also looking at earning 30 per cent of its annual revenues from exports to the US, Canada, Australia, the UK, among other markets.

Currently, the company earns only 5 per cent revenue from exports and 95 per cent from the domestic market.

"So far, we have exported our products as commodities. But now, we are looking at branding options," Misra said.

Commenting on the fashion trends in menswear, Misra said 95 per cent of the men in the country get their garments stitched, while the dominant global trend in menswear fashion is towards ready-to-wear clothing.

Last year, the company registered a turnover of Rs 150 crore and is targeting sales worth Rs 260 crore by the end of this financial year.

The total worsted market is estimated at Rs 1,500 crore and the company holds a 15 per cent market share, informed Misra.

The company recognises competition with Raymond and other imported brands.

Talking about Reid & Taylor sponsoring Indian Open Polo Championship, Misra said Polo, being a lifestyle sport and Reid & Taylor a lifestyle brand, the brand fit is perfect.

"We were the Indian Open sponsors for the first time in 2003. This year would be the 106th year for the polo championship and the third time that Reid &

Taylor would be sponsoring it. For the event this year, we have an advertising budget of more than Rs 20 crore, 20 per cent higher than the last year," said Misra.