Seeking to target the emerging young, vibrant and fashionable population of the country, OCM India has embarked on an ambitious plan to open 25 new big stores in Tier-II and Tier-III cities.
OCM India, a part of WL Ross & Co. LLC, had recently revamped its image with a fresh logo and innovative brand identity. It is eyeing to more than double its revenue to Rs300-350 crore in the next three years, CEO S. K. Singhal told this correspondent.
Mr. Singhal, who is the President of Raymond, said the company was now looking at bigger stores and focus on young people in Tier-II and Tier-III townships. “We plan to open 25 big stores in the retail side during the next two years. We will spend Rs.50 crore on technology upgradation and another Rs.15 crore on brand promotion. We are poised for big growth in India as the aspiring middle-class will help us achieve 7-8 per cent growth in the next three years,” he said.
OCM invested around Rs.14 crore on marketing and distribution in 2011. The company has a network of 55 wholesalers and 1,200 retailers. “We plan to move ahead with focus on fashion-oriented young adults. We plan to grow by at least 26 per cent in the next year. We have entered the high-end suiting segment. We have a significant worldwide presence,” Mr. Singhal said.