Greetings and gift products company, Archies Ltd on Tuesday said it would launch a new chain of retail stores, Stupid Cupid, for fashion accessories and premium gifts.

The new retail stores' chain will provide another choice to its prospective customers, the Delhi-based company informed the stock exchanges.

The company would be opening five stores by the end of this financial year and another 10 stores in the next financial year, it said.

Initially, the stores would be opened in Delhi and National Capital Region and thereafter it will open such stores in Mumbai, Kolkata, Bangalore and other metros.

Archies Limited is in the business of manufacturing and selling greeting cards and other social expression products like gifts and posters.

The company, which owns 55 stores at present, has another 133 stores in pipeline, it said.

These would be opened in a phased manner over the next two years as the company has already booked the retail space for these 133 stores in upcoming shopping malls across the country, it said.

The company also have 425 franchise stores in 180 cities in India and in 6 neighbouring countries, it said.