Reliance Trends, the apparel, luggage and accessories speciality format of the retail arm of Reliance Industries (RIL) might post 100% growth in sales this fiscal, said a top company executive today.
Arun Sirdeshmukh, Chief Executive Officer, Reliance Trends, said the division is poised to take the number of stores to 100 from the present 50.
"We are still small in terms of size of the business. But we are on a very strong wicket and Rs 330-crore business (in last fiscal) was on the back of doubling of turnover every year. So we should exactly be there this year as well (doubling revenues)," he told reporters after launching the firm's 50th store in the country and forth in Hyderabad.
"We have been able to open 50 stores in the past 50 months. This was possible because of the huge demand from consumers who look at affordability and accessibility. The company is highly technology and innovation driven and this helps us offers better value deals.
Sirdeshmukh said most of the stores are located in Tier-II and Tier-III cities and the current ration of metros and smaller cities is 60:40.
"This year we will take it to 65: 35. While we are looking at opening new stores in places like Bhimavaram (in West Godavari district), we will also penetrate in major cities to strengthen reach for the customers," he said.
To a question on the revenue mix between private labels and other brands, he said currently the trend is 50:50.
Sirdeshmukh, however, said the ratio will become 55:45 (in favour of own brand) in the next two years.
