Kolkata, Sep 18 (UNI) Koutons Retail India Limited plans to raise Rs. 146 crore through its Initial Public Offering (IPO) to open more retail outlets and set up a manufacturing plant.
Company's Chairman DPS Kohli said here today that altogether 140 exclusive brand outlets (EBO) would be opened across the country in the next two years for Koutons and Charlie Outlaw brands while it would also diversify into women's and kids wears.
The company, which started from a two-room office and an investment of Rs four lakh in 1991, now has 999 outlets in 395 cities through which only Koutons or Charlie Outlaw, its lower priced menswear brands, are sold.
"About 65 per cent of the country's population is below 30 years and the market size of organised retail brands is Rs. 18,500 crore which is growing at 30 per cent per annum. We are taking this opportunity to grow further targetting the 22-45 years age group," Executive Vice-President H S Sidhu said.
He said Koutons sold its products only through its exclusive brand outlets.
The company recorded 326 per cent growth at Rs. 234 crore in net profit and 160 per cent increase at Rs. 403 crore last fiscal.
The proposed new plant would be set up in Gurgaon through consolidation of certain Koutons' existing manfuacturing facilities.
The company is also working towards increasing its manfacturing and finishing capacities and intends to integrate all its operations and improve business process efficiency by upgrading its network and improving the existing enterprise resource planning system.