New Delhi: Gift and greeting cards firm Archies would undertake an agressive expansion plan to raise its India revenues to Rs 400 crore. The company hopes to achieve the target, which is more than double its present revenue, in a period of four years, it said today.
The company, which today announced a licencing partnership with Unicef, said it is looking to double its retail presence to around 400 company-owned stores in the next four years, as well as tap modern retail chains for marketing its products.
"Our aim is to achieve sales of Rs 400 crore in the next four years. We are expanding our presence by opening more stores. Every year, we open around 40-50 stores. We will maintain this rate," said Archies Ltd chairman Anil Moolchandani.
Last fiscal, Archies registered sales of Rs 180 crore. The company expects the sales revenues to touch around Rs 220 crore this fiscal. It currently operates around 500 stores, of which 220 are owned by the company.
Moolchandani said the company plans to double the number of exclusive stores it operates in the country to 400 in the next four years, while expanding its presence at modern retail outlets as well.
To fund the expansion plan, the company's board members recently passed an enabling resolution to raise around $10 million (Rs 46.21 crore).
"We are looking at various options on how to raise the funds. It could be through equity, private investors or bankers, but we have not set a timeframe," Archies Ltd joint managing director Pramod Arora said.
Launching a range of Unicef greeting cards and gifts, the company said it plans to sell around 10 million units of the Unicef products and is eyeing a revenue of around Rs 20 crore through the initiative in the next five years.
"Unicef is a respectable brand. We have always wanted to partner with them... Our projection for the next five years is to sell around 10 million units of Unicef products, including cards, diaries and calendars, and raise funds of Rs 200 million," he said.
As part of the licencing agreement, Archies will produce and distribute Unicef cards and paper products through 222 outlets in 66 cities and 15 states.
"We are re-entering the greeting cards segment after 10 years in India. We have been looking for a partner... Through these cards and gifts, we hope to spread our message. We will be designing the cards, while Archies will print and distribute them in India," Unicef India Representative Karin Hulshof said.