UK's Kingfisher eyes India foray
Kingfisher, the £8-billion, UK-based home improvement retailer with over 700 stores globally, is mulling an Indian foray, with an initial investment of $250 million, sources said.
By M Rochan, TNN |
BANGALORE: Vijay Mallya has some brand mulling to do. Kingfisher, the ��8-billion, UK-based home improvement retailer with over 700 stores globally, is mulling an Indian foray, with an initial investment of $250 million, sources said.
A Kingfisher team was here scouting for a partner and locations. A formal announcement is expected soon. The Centre is expected to take a call on allowing FDI into speciality retail where Kingfisher is positioned. And Kingfisher���s move follows close on the heels of other UK-based retail brands, like New Look and Home Retail Group Plc which also want to tap the booming retail market in India.
Kingfisher sells appliances, tools, hardware, garden supplies and other do-it-yourself (DIY) equipment. Headquartered in London, it employs close to 70,000 people worldwide and is Europe���s leading home improvement retail group and the world���s third largest. The company has leading market positions in the UK, France, Poland, Italy, China and Taiwan.
���A booming retail industry has space for at least five-to-six home improvement retail brands to set up shop in India. Also, the absence of a large organised player in this segment is driving international brands to begin operations in the country,��� a retail analyst said.
Kingfisher Plc operates 707 stores in 11 countries in Europe and Asia. Its retail brands include B&Q, Castorama, Brico Depot, Screwfix Direct, Trade Depot and Koctas. Kingfisher also has a 21% interest in, and strategic alliance with Hornbach, Germany���s leading DIY warehouse retailer with over 120 stores across Europe.
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