News: Piramyd to add 6 stores a year

(BS 30/09/2006) Mumbai - Piramyd Retail Limited is planning a rapid expansion of its multibrand stores in the next couple of years. The company would be adding four to six stores every year.

Company's chief executive officer Bipin Gurnani told mediapersons that besides growing in the north and west regions, Piramyd was considering entering into the south India market, with three stores on the cards.

The company opened its third store in Pune on Friday, which is located in the Kakade Magnum Mall in the city's busy Camp area.

Gurnani said the number of Piramyd stores in the country would reach 10 by the end of the current fiscal as it would open stores in Lucknow and Jaipur, and add one store in Delhi.

In the following fiscal, the company will go to cities like Chandigarh, Surat, Ludhiana, and also open one store each in Ahmedabad and Delhi where it has already a presence.

He said that the company's turnover, which was Rs 110 crore last year, was expected to rise to Rs 250 crore by the end of the current year, largely due to expansion of the stores network.

Besides stocking different retail brands in the apparel, accessories and footwear categories, the company also makes and markets its own brands, including Venti Uno in men's relaxed formals, and Boston Club in men's semi-casual, Enya in women's western wear, Rudra in women's ethnic wear and Peppermint in women's young fashion.