Archies to open 120 new stores in next two years

Kochi, Apr 12 (UNI) Archies Ltd., leader in the greeting card and gifts sector, has announced plans for an ''aggressive expansion drive'', with 120 new company owned stores to be opened in different parts of the country in the next two years.

Addressing a press conference here last evening, Archies Ltd.

Executive Director Vijayant Chhabra said the New Delhi-based company would also step up its diversification process, started with the launch of the 'Stupid Cupid' stores, selling artificial jewellery and accessories, in August last year.

Describing the market for artificial jewellery and accessories, for both men and women, as an upcoming sector, Mr Chhabra said that Archies was planning to open at least 25 new 'Stupid Cupid' stores in this financial year.

''With the retail boom now being witnessed in the non-metro cities with upcoming malls and changing lifestyle trends, Archies sees great potential in these new markets. The company is focusing on expanding its reach and presence in 18 new cities that it has recognised as upcoming retail markets,'' he said.

Identifying Kochi in particular, and Kerala in general, as among these upcoming retail markets, Mr Chhabra said Archies was opening its first large format exclusive store in Kochi today. It planned to open three more stores in Kerala in the next one year.

Stating that the company's business was doing well, he said it was expecting a growth of at least 15 per cent over the Rs 74 crore turnover of 2004-05.

Stating that the Valentine's Day controversy raked up by the Shiv Sena had not affected Archies' business, Mr Chhabra said that this particular segment of cards was in fact the fastest growing besides 'Friendship Day' cards.

''Now, we even have forty and fifty-year-olds coming to buy Valentine's Day cards. To avoid trouble, people have now started buying the cards well in advance,'' he added.

The company, which has overseas presence in seven countries, including in the UAE, Sri Lanka, Nepal and Bangladesh, was in the process of negotiating to open a store in an African country, he said. The deal was likely to be finalised in about a month's time.

Musical cards, with sound chips, were a new product introduced by Archies recently. Though priced at Rs 300, the response to the cards had been good, he added.

The company was also trying to tap the overseas market for exporting its in-house card designs, he added.

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