New Delhi: French luxury brand Lacoste plans to increase its retail network up to 55 points of sales by the end of this fiscal with a focus on secondary markets and aims to double its turnover in next four years.
Lacoste would continue to add 10 doors of sales every year, said Lacoste India director and CEO Rajesh Jain.
“Our target is to have up to 55 points of sales in this fiscal year in India. Most of them would come in the tier 2 cities which are witnessing very good retail growth,” Jain said.
This year new additions would come at places such as Jaipur, Pune and Chandigarh, he added.
“We are also planning to tap markets like Amritsar, Jalandhar, Cochin, Ahmadabad, Indore and Lucknow in next two years,” Jain said.
Presently, Lacoste India is operating 45 points of sales including one at Maldives. It is operating through Sports and Leisure Apparel Ltd, which is a licensee of parent Lacoste SA to manufacture and market the company's products.
Lacoste is also evaluating Sri Lanka as a market for its further expansion.
“We have doubled turnover in the last three years and points of sales in four years in India, and we would replicate both in the next four years from our current base,” Jain said.
“This year we have target to grow between 25-30 per cent and we are sure that we would achieve it”.
Lacoste grew by 26 per cent in FY 2013-14 and 25 per cent in FY 2012-13, Jain added. He, however, refused to share Lacoste India's revenue details.
On e-retailing of Lacoste product in India, Jain said: Lacoste might venture into its own e-retail presence and is evaluating the same.
Presently, company is spending 7 per cent of its top line on advertising and marketing.
It has launched new collection ‘Lacoste Live', targeting the age group of 18 to 25 years, and is available at Delhi, Chandigarh and Mumbai.
Lacoste is present in eight verticals including apparels, shoes, watches, bags.
Sports and leisure apparel has a manufacturing unit in Noida. It manufactures 95 per cent of apparels in India and imports shoes, bags, belts, sunglasses, watches, jewellery.
Lacoste had entered the Indian market in 1993. Apparels are its largest category, which constitutes 93 per cent of its sales followed by perfumes and footwear. Moreover, its Polo brand contributes between 75 to 80 per cent of the total revenue in India, Jain added.