Apparel maker Raymond Ltd’s flagship brand, Park Avenue, is on an expansion spree and would be doubling the number of its exclusive stores to 200 in the next two years. The retailer will also be opening its first international store in Sharjah coming November.
Currently present through 30 Raymond stores in West Asia, Nepal and Sri Lanka, Park Avenue is planning to open 10 exclusive stores in the international market. This would help it double the revenue contribution from international markets to 10 per cent of its top line over the next two years. Park Avenue is also exploring south and east African markets for expansion.
“Since the taste of the customer is evolving, the structure of our retail stores and products is also evolving. They are becoming more fluid in nature, erasing the lines between casuals and formals. So customers can mix and match according to their taste,” said Sharad Walia, brand director, Park Avenue.
The retailer will be launching two products next month -- Express Wardrobe and Work Denims. Express Wardrobe is for the upwardly mobile customer who is always on the move, said Walia. It will be a package of two trousers, two jackets and three shirts made up of uncrushable fabrics which make lives easier for people who are living their lives out of a suitcase, said the company. Work Denims will be a sophisticated version of denim trousers for office-goers.
Park Avenue, which accounted for close to 40 per cent of overall revenues of Rs 14.24 billion from Raymond’s apparel business in FY18, has been growing at a compounded annual growth rate of 15 per cent for the past five years. Its footwear and accessories verticals together contribute to around 10 per cent of its revenues.
Apart from the apparel, footwear and accessories segments, the 30-year-old brand will also be entering the customisation space this year. It has come up with a software called DIY (do it yourself) which would allow customers to customise outfits according to their preference.
It is currently running as a pilot and will be rolled out in 35 stores by the end of the year.