Raymond bets big on Middle East, to expand store network

MUMBAI: Textile and apparel major, Raymond, is betting big on the Middle-East and SAARC markets and plans to have a 50 strong store network in place by 2012.

"We plan to expand our footprint internationally with a special focus on the Middle-East. Our plan is to increase our 'The Raymond Shop' network in the Middle-East/SAARC from the present 35 to 50 by 2012," Raymond Chairman and Managing Director Gautam Hari Singhania told PTI here.

Of the existing 35 overseas stores, 24 are located in the Middle-East "indicating the region's importance in our scheme of things," Singhania said.

The company has scripted a strategy-- Raymond's Middle-East Vision 2012-- which, apart from footprint expansion also targets a sale of 1.5 million metres in the next three years, up almost 50 per cent from the present level.

The textile major also aims to increase its business from this region substantially. Presently, the Middle-East/SAARC markets contribute 37 per cent to the total international business of Raymond. It now plans to up this to 45 per cent going forward.