Indian clothing company Arvind is set to accelerate expansion of its retail network with the launch of 300 ‘The Arvind Store’ outlets over next five years.
Under the expansion plans, the company is set to launch 60 stores by the end of 2013.
Arvind that currently has stores in Western and Southern part of the country is looking to expand the brand to other markets, reported Money Control.
With this store expansion plan, the company is anticipating a four-fold growth to INR20bn ($351.3m) in revenues from current INR5bn ($87.8m).
Commenting on the developments, Arvind New Initiatives ED Kulin Lalbhai told Money Control that the expansion of its retail brand,
The Arvind Store, is a significant part of its growth strategy.
"The brand Arvind will play a critical role towards Arvind Ltd’s vision of building a USD 1 billion brands and retail business," revealed Lalbhai.
"Our aim for the brand Arvind is to attain a leadership position in the fabric brands and retail market in India."
Arvind currently operates 100 stores, of which 50 were opened during the fiscal 2013.
Majority of the new stores are planned for franchisee model with the retailer seeking about 30% of company-owned stores.
Arvind has recently introduced premium fabrics Tresca, which is claimed to have recorded 30% – 40% of the retail sales.
The company retails fabrics and readymade clothing under the brands such as Arrow, Izod, US Polo, Cherokee, and Nautica.