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Toonz Retail is planning to ramp up its expansion spree by opening around 50 stores in two years. With this move, the retail outlet that excels in retailing kidswear and toys, also aims to hit the target of Rs 100 crore in sales by FY18.
Further strengthening its retailing business, alongside Toonz stores, the brand will be also be opening around 50 stores of its new apparel brand ‘Super Young’ by next year. Commenting on the move, Sharad Venkta, MD & CEO, Toonz Retail said that the brand is looking at over Rs 100 crore turnover by financial year 2017-18. There is a big gap in apparel offerings in the market and company is looking to cover that with Super Young brand. Toonz is looking at positioning change with new brand by opening smaller stores in metro cities and in premiums shopping malls.
Currently, company operates from its 100 retail stores installed across the South and North India. Apart from domestic expansion, the brand is also planning to mark its presence in the international market as well.
At present, Toonz has one operational store in Saudi Arabia and it is planning to open two more by September this year. Company is also in discussion to open more stores in international location but it may take time to materialize. Brand is looking at markets like GCC countries, Egypt and Mexico. It expects 'Super Young' to contribute 18-19 per cent in its total sales. Company is planning to invest 20 crore for expansion. This sum will be utilised for brand building and development of new products, adds Venkta.
