Raymond aims to have a network of 2K stores by 2021

The company, which opened its 1,000th Raymond branded store in Surat on October 2, 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 said.

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. The iconic brand, with a 90-year legacy, started retailing from 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. “We are looking to invest in Bangladesh, where we have 18 shops. We plan to have 50 shops,” Behl said.