Toonz Retail, which specialises in retailing kidswear and toys, plans to open 50 stores in two years as it chases a turnover of over Rs 100 crore by fiscal 2017-18.
According to a PTI report: The company is also planning to open 50 stores of its new apparel brand Super Young by next year.
“We are looking at over Rs 100 crore turnover by financial year 2017-18. There is a big gap in apparel offerings in the market..we are looking to cover that with Super Young brand,” Managing Director and CEO, Toonz Retail, Sharad Venkta was quoted by PTI as saying.
He was further quoted by PTI as saying: “We are looking at positioning change with new brand by opening smaller stores in metro cities and in premiums shopping malls.”
At present, the company operates 100 Toonz Retail outlets in South and North India.
“70 per cent of our stores are in South and 30 per cent in North. We plan to continue opening more outlets in the South..it is untapped market we would continue to open more store in the South,” Venkta was quoted by PTI as saying.
Toonz Retail, which has modeled it as one-stop shop for kids of 0 to 12 years, is expanding its network based on franchise model.
The company is also looking at expanding it international presence by entering into new markets.
“At present, we have one operational store in Saudi Arabia…we plan to open two more by September this year..We are also in discussion to open more stores in international locations..but it may take time to materialise..We are looking at markets like GCC countries, Egypt and Mexico,” he was further quoted by PTI as saying.
The company also supplies its products to Fiji, Mauritius and Nepal.
“We expect Super Young to contribute 18-19 per cent in our total sales..We plan to invest 20 crore for expansion. This sum will be utilised for brand building and development of new products,” Venkta was quoted by PTI as saying.
Toonz Retail operates stores in Delhi-NCR, Karnataka, Jharkhand, Odisha, Tamil Nadu, Kerala, Uttar Pradesh, Telangana, Haryana, Punjab, Maharashtra, Madhya Pradesh, Rajasthan and Arunachal Pradesh.