S Kumars Nationwide's (SKNL) lifestyle suiting brand Reid & Taylor has firmed up plans to expand its retail footprint in the country with a renewed focus on the ready-to-wear segment.
With the domestic apparel retail sector revving up, the premium brand plans to add 50 exclusive stores every year for the next three years, says Govind Mirchandani, president & CEO, worsted suitings, SKNL. Reid & Taylor currently has 22 standalone stores and is present in multi-brand outlets like Shopper's Stop, Central, Ebony and Piramyd.
“We aim to be present in all the top-50 cities in India in the next 2-1/2 years. Of the 150-odd standalone outlets to be located in high street and malls, 50 will be company-owned and the rest will be franchised,” adds Mr Mirchandani.
The company is likely to invest about Rs 25 crore in the upcoming company-owned stores. Besides the metros and Tier-I cities, the Rs 200-crore brand is eyeing a presence in the Tier-II and even Tier III cities.
Registering a 30per cent annual growth, Reid & Taylor boasts of a 15per cent market share of the Rs 1,300 crore worsted suitings segment. The company's estimated turnover for the current fiscal stands at Rs 260 crore.
Meanwhile, to tap the economy segment of the branded apparel market pegged between Rs 300 and Rs 500, Mr Mirchandani also plans to extend the offering of the economy brand World Player in the formal men's wear offering.
The niche Reid & Taylor brand experience now entails premium worsted (wool and poly-wool) fabrics, synthetic suitings (polyester viscose), shirts, trousers, knits and accessories (ties, cufflinks).
Mr Mirchandani says roping in Amitabh Bachchan as brand ambassador has worked well for the brand and the contract has been renewed. The brand's annual promotional spending stands at Rs 20 crore.