Textile firm Raymond will pump in Rs 100 crore to open about 300 stores across the country by end-March 2011 as part of its expansion plans.
The apparel-maker's 'The Raymond Shop' would come up in smaller class IV and V cities. "We are investing Rs100 crore to set up precisely 289 Raymond shops but we expect to do more than 300. This expansion plan is for the period between April 2009 and March 2011," said Raymond president, FMCG & retail, Aniruddha Deshmukh at a press meet.
Raymond's chairman and managing director Gautam Singhania, said funding for the project would be split equally between the company and franchisors/franchisees.
Raymond expects its potential turnover to exceed Rs200 crore from these stores on an annualised basis.
The company is penetrating into India's hinterland by setting up 1,500 sq ft stores in towns like Bijapur, Mandya, Ahmednagar, Bellary, Ghoti and Bhandara, among others.
With the addition of about 300 store the total number of the outlets of the company would go up to 800.
"There is a huge aggression in what we are doing. We have been exceeding all the targets we set for the stores in a small town," Singhania said.
The company aims to enhance its retail space by 50 per cent by 2011, adding more than 4.5-lakh sq ft to existing floor area.