Esprit to expand to 21 cities in three years

November 29th, 2008 - 9:18 pm ICT by IANS  

New Delhi, Nov 29 (IANS) Esprit, the international luxury watch and apparel brand retailed by Madura Garments in India, Saturday said it will expand its presence from nine to 21 cities over the next three years. “We see a huge demand in India and there will be a boom in the coming three years,” Esprit chief operating officer Manjula Tiwari told reporters on the sidelines of Franchise India 2008, a two-day retail exhibition.

The $7-billion retail company sees India as one of the key markets for expansion.

She said the company had been growing at 167 percent compound annual growth rate (CAGR) and plans to open about 100 stores in a span of three years.

Esprit also plans to open another big format store of approximately 10-15,000 sq ft area in Delhi in the next 24 months, Tiwari said.

However, it has no plans to do business through the franchise model, she added.

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