Kidswear retailer Toonz Retail India is targeting 100 outlets by the next financial year. The four-year old company presently operates 45 stores across India in Delhi, Karnataka, Andhra Pradesh, Tamil Nadu, Kerala, Uttar Pradesh, Haryana, and Punjab.
Commenting on the announcement, Sharad Venkta, MD & CEO, Toonz Retail India, said: “We are aiming 50 stores by this month and looking forward to reach the target of 100 outlets by the next financial year. We have also planned a capital expenditure of around Rs 20 crore for expansion. Apart from our conventional business plans we plan to take our next step by launching our brands WowMom and SuperYoung on a national platform via multi-brand outlets, large format lifestyle stores, and exclusive brand outlets.”
The company is set to expand its business, using its own brands, in tier-II and III towns emphasising more on district centers like Indore, Noida, Thiruvananthpuram, Davangiri, Shimogha, Latur, Nagpur, Vishakhapatnam, and Tirupati etc. It recently opened a new store in Uppal, located in East of Hyderabad and Nalgonda. Toonz Retail is also present in the country through ecommerce on Firstcry, Flipkart, and Jabong.
Started in 2010 the company largely operates through the franchise route, with each outlet requiring an investment of Rs 35-50 lakh. The store size ranges from 1,200 sq.ft. to 2,500 sq.ft. It offers apparels, which is the major contributor for its revenue along with baby gears, toys and games. The company has also introduced two private labels, WowMom and SuperYoung, targeting infants and kids up to 12 years of age.
According to KPMG estimates, the kidswear market in India is worth Rs 28,000 to Rs 30,000 crore, and is expected to reach Rs 43,000 crore by 2016.