Mumbai: The Rs2813 crore Raymond group on Monday announced a new expansion strategy that will take it to Tier IV and V towns and will allow it to create new markets away from its direct competitors in the branded garments retail segment.
“We are taking these stores to them instead of these consumers coming to bigger cities to shop. There is immense potential in these markets because they have never been tapped,” said Gautam Singhania, chairman and managing director of Raymond.
The company will invest Rs100 crore to take the total number of stores to 800 by March 2011. The 84-year-old company added 50 stores in September and seven in October so far to cross the 500 mark.
Aniruddha Deshmukh, president (retail), said the Tier IV and V segment that is still untapped in the branded clothing space and that Raymond plans to aggressively target it.