Raymond to open 200 stores in next 18 months

Apparel major Raymond plans to open over 200 stores across the country in the next one and half years to grow its business.

"We have opened 100 stores in the last three months and plans to open 200 plus stores in the next 18 months" Raymond Ltd Chairman and Managing Director Gautam Hari Singhania told PTI.

"We recently entered into Tier 3/4/5 cities and towns with our iconic brands. This will play out to further consolidate our end-to-end leadership position in the industry," he said.

The Mumbai-based Raymond is the world's third-largest maker of worsted fabric, used in making men's suits, has at present, about 600 outlets across the country.

"We are bullish on the long term Indian consumption story and we believe in creating markets," he said.

Asked about foraying into real estate business, Singhania said, the company is planning to develop 18 acre surplus land to develop affordable residential property in Thane Maharashtra in the first phase.

Raymond's Thane unit covers an area of 160 acres, which also has a school and a hospital in it.

"Depending on the response to this project, we will decide our future strategy for the real estate business," he said.

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