Pantaloons to open 50 new stores

"We will open another 50 stores in the coming 2 to 3 years," the firm's director and chief executive Rakesh Biyani told reporters at the opening of the 50th store of the company in New Delhi.

According to Biyani, Pantaloons which started its first store some 13 years ago plans to aggressively identify and open new retail outlets in the country.

"Currently we have 20 stores in various stages of development, while we are aggressively identifying new opportunities for more stores in the coming year," he said.

He further said that the company has evolved with the changing times and consumer trends and that the major trust of growth for the company will now come from tier-I cities.

"We are looking at tier-I cities to open new stores. Our next 50 new stores will comprise of 50 percent in major cities followed by another 50 percent in tier-I cities," Biyani further said.

The company did not disclose any financial details of its further expansion plans.

Currently the company has a presence in 23 Indian cities with major store operations in Delhi, Mumbai and Kolkata.