Infiniti Retail Ltd, a 100 per cent subsidiary of Tata Sons, has opened two Croma stores in Hyderabad and plans to open another 20 stores across the country by March 2010 to touch the 50-store mark. As part of the plan, the company will invest around Rs 800 million in the 2009-10 fiscal, according to a company press release.
Speaking to media on the store launch in Hyderabad, Ajit Joshi, chief executive and managing director, Infiniti Retail, said, “We have invested Rs 2.2 billion in this multi-brand durables and electronics retail chain. Each of the two newly launched mega stores in Jubilee Hills and Panjagutta areas in Hyderabad spreads across 25,000 square feet and offers more than 6,000 products. We plan to open a third store in Himayatnagar area and ramp up the total number of stores in Hyderabad to seven.”
“We had launched in-house private label brand Croma Laptops and are planning to launch our brand in other categories like entertainment and IT. We hope our private label brand would grow 20 per cent in the next financial year,” added Joshi.
Infiniti Retail has technical and sourcing agreements with Australian retail giant Woolworths Ltd, which provides technical support and strategic sourcing facilities from its global network.
Currently, the company is operational in cities including Mumbai, Ahmedabad, Pune, Surat, Baroda, Bengaluru and Delhi. It soon plans to open Croma Zip at Delhi airport, added the release.
— IndiaRetailing Bureau