Padini ...May10

It plans to spend about RM7.55 million on existing and new stores by year-end.

This year our major projects include a flagship Vincci store in Fahrenheit 88 Kuala Lumpur where customers will be able to get bags, shoes and accessories in-store, and a new 15,880-sq ft Brands Outlet store in Sunway Pyramid. The company was also undertaking renovations in its Bandar Utama 2 and Pavilion Padini Concept Store (PCS) outlets. At present, the company has 20 PCS outlets and is also eyeing East Malaysia and regional markets for expansion opportunities.

Sales from PCS outlets contributed about 40% of total group turnover in 2009.

The next level would to bring the company regional and to have more market recognition in Asean countries including Thailand, the Philippines and Brunei, with 23 outlets in Saudi Arabia and nine in the United Arab Emirates (UAE).

The export market contributed about 10% of total revenue, which was RM128.4 million in the second quarter ended Feb 25, 2010.

Most of Padini's expansion plans were funded by internally generated funds.