At the end of this fiscal year, 2024–25, ethnic apparel business Ethnix by Raymond intends to dramatically grow its retail footprint to 250 outlets throughout India. The brand is setting itself up for rapid expansion.
According to Bidyut Bhanjdeo, chief business officer of Ethnix by Raymond, the ethnic wear brand plans to open over 130 stores this fiscal year, concentrating on areas with a high concentration of ethnic wear consumer brands, especially in Tier-2 and -3 cities, which account for about 85 per cent of the market.
According to a regulatory filing, the business added 56 locations in the previous fiscal year, bringing its total number of outlets to 114 as of 31st March 2024. It intends to use an asset-light franchising model as its primary means of growing its network of retail locations in the future.
Currently, Bhanjdeo stated that franchises operate the remaining outlets, with the other 20 per cent being company-owned and company-operated, where major capital spending is directed. When discussing the brand’s investment goals, he listed the company’s main investment pillars as team building, technology, marketing, and increasing footprint.
Ethnix by Raymond aims to operate 450 stores in the long run, depending on market conditions and the effects of inflation. The company is on a trajectory to quadruple its revenues every two to three years.
