LP to expand in tier 2 places, to add upto 50 stores annually

Madura Garment's premium menswear brand Louis Philippe plans to add around 40-50 stores every year and would expand in the tier 2 cities targeting the affluent class in the small places.
"We would add a minimum of 40 to 50 stores every year. That is our target for the next three years," Louis Philippe Brand Head Jacob John told PTI.
"Retail expansion has been one of the priority growth driver of the company. Otherwise our growth was coming from multi brand outlets and departmental stores like Shopper Stop etc," he said, adding: "we are exploring new towns, not only metros but in tier 2 cities and newer places. These place actually have potential".

"There is an affluent class, we would reach that segment," he said.
The expansion in Louis Philippe retail stores would be a mix of company owned and operated (COO) stores and franchise owned and operated (FOO) stores.
"COO would be in flagship and niche places and rest places would be FOO. We are looking out for a lot of franchise actually. Ratio between COO and FOO would be around 30:70," John said.

The company has a total number of 200 stores and 80 were added in the last two years only, he added.
"We would have a turnover of over Rs 1,200 core by the end of this financial year. The company is growing at a rate of 25 per cent every year," he added.

The company plans to increase its export from India, which is around five per cent of its production.
"Right now we are exporting to the Middle East from here and trying to get new markets," John said.
According to him, as a part of image makeover from simple classic looking brand, meant for 30-35 year age group to a brand of all line category, Louis Philippe has launched its products in many verticals.
"We are trying to get customers between the age group of 18-60 in our stores. We are there with a jeans and launched sport causals for the young people under brand LP sports. We launched LP footwear, which is doing extremely well," he added.

The company has also launched India inspired designs as bandgala. Its Louis Philippe luxure, line of premium wear is also doing well.
"However Louis Philippe and LP Sports are the two engine drivers," John said.