Raymond set to open 100 outlets

At a time when most retailers are shutting down their stores or halting expansion, Raymond Apparel is launching the first of its kind format in the country to tap the growing men's accessories segment, reports Shruti Sabharwal in Bangalore.

The company, a subsidiary of Raymond, is planning to open 100 stores under its new chain Neckties & More. Raymond Apparel, one of the largest players in the menswear segment in India, has decided to launch the format after recording a strong growth in their accessories business in the past few years.

According to Shreyas Joshi, president, Raymond Apparel, the company has been recording over 30% year-on-year growth in the accessories segment. At present, accessories contribute 5% to the total business and the company expects this to go up to 10% in the next two years.

Since the company views accessories as largely an impulse purchase, it will be opening stores in footfall areas with high visibility like malls and airports. According to Mr Joshi, they have done a soft launch two months ago at the Hyderabad airport and in a few malls in Mumbai and received a good response.

 

Tx:ET