Mahindra Group to set up lifestyle stores
Mahindra Intertrade, a group company that already holds licences to distribute kids’ apparel and toys of companies such as Mattel, Lego, Walt Disney and Nicklodeon will initially chart out a retail business plan.
By TNN |
MUMBAI: Succumbing to the organised retail opportunity, the $4.5-billion Mahindra Group has announced plans to roll out a chain of multiple-format lifestyle stores across the country. Mahindra Intertrade, a group company that already holds licences to distribute kids’ apparel and toys of companies such as Mattel, Lego, Walt Disney and Nicklodeon will initially chart out a retail business plan. This division will be hived off in a year’s time into a separate company called Mahindra Retail.
"The group believes that this is the opportune time to enter and extend its distribution business into direct retailing, when the organised retail market is fast expanding in India. We will look at other product categories, but not grocery,” said Mahindra Intratrade executive vice chairman Raghunath Murti.
The retail venture may consider roping in strategic investors at a later stage. “Currently, we have no such plans. But we do not rule out the possibility at a later stage. If there is an opportunity, we will consider it,” Mr Murti added.
The company is hiring people and the business plan is expected to be firmed up once the senior team is in place. The retail business has put in place a CEO, K Venkataraman, and Mr Murti is part of the senior team.
"The group believes that this is the opportune time to enter and extend its distribution business into direct retailing, when the organised retail market is fast expanding in India. We will look at other product categories, but not grocery,” said Mahindra Intratrade executive vice chairman Raghunath Murti.
The retail venture may consider roping in strategic investors at a later stage. “Currently, we have no such plans. But we do not rule out the possibility at a later stage. If there is an opportunity, we will consider it,” Mr Murti added.
The company is hiring people and the business plan is expected to be firmed up once the senior team is in place. The retail business has put in place a CEO, K Venkataraman, and Mr Murti is part of the senior team.
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