Bangalore-based clothing major Arvind Lifestyle said it will invest Rs 126 crore as capital expenditure this fiscal to expand its footprint, according to PTI.
“We are looking at Rs 126 crore capex this fiscal, up from Rs 90 crore spent last fiscal, as we plan to open around 200 stores,” Arvind Lifestyle Managing Director and Chief Executive J Suresh told PTI.
He said currently the company is operating 1,100 stores, which is likely to go up to 1,300 this fiscal, adding that about 90 percent of stores are profitable.
“The retail industry is growing at an annual rate of 10 per cent. However, at Arvind Lifestyle, we are growing 33-35 percent annually,” he said.
Out of the 38 brands it sells, 14 are its own brands. The USD 550-billion retail sector will grow remarkable over the next five years, given the economy is favourable, he added.