ColorPlus to double turnover in 2 yrs

Buoyed by dropping real estate prices across the country, ColorPlus Fashions Ltd., the premium casual wear brand from Raymond Limited, is hoping to double its turnover in next two years.

The subsidiary company of Raymond Apparel Limited has plans to expand its retail presence in India by setting up close to 100 stores in next two years.

Talking about the company's retail plans, Ashesh Amin, retail executive of Raymond Limited said, "With the real estate prices coming down, it is time for us to expand our retail business. I don't think any slowdown in retail in the near future. Instead, we are hoping to double our turnover from Rs 151 crore to Rs 300 crore in next two years."

The company launched its kidswear extension, 'ColorPlus Junior', in Gujarat during an inauguration of its largest store in the country at Ahmedabad. Spread across an area of 3,200 sq.ft. the store is the 53rd of ColorPlus Fashions in the country.

While currently, both women's wear and kidswear contribute merely one per cent of revenue to ColorPlus, the company aims at increasing the share to 8-10 per cent in two years.

"The women's wear market is growing at around 25 percent in the country and the kidswear segment is growing at 17 per cent. The organised kidswear market in India is estimated at Rs 700 crore in which ColorPlus Junior will be operating at the higher end of this premium market," said Amin.

By the end of the financial year 2008-09, ColorPlus is aiming at a turnover of Rs 192 crore.