By  on June 2, 2014

Lojas Riachuelo, the Brazilian apparel-focused department store chain, is putting a brave face on the country’s economic slump with plans to double its store count to 340 by 2017, according to chief executive officer Flavio Rocha.

The São Paulo-based firm, the retail arm of textile group Guararapes, also forecast group profits will grow 15 to 20 percent annually during the period and sales by 10 to 15 percent. Same-store revenues should increase roughly 20 percent a year as the firm reshuffles and opens new concept shops, Rocha told WWD.
To bankroll the plan, Riachuelo may borrow at least $800 million from Brazilian development bank BNDES, which has helped fund as much as 50 percent of an aggressive expansion that has enabled it to install 170 shops around Brazil.

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