Cracking a deal worth Rs 200 crore, NEXT, a retail chain of Videocon Industries, has acquired Planet M, the music and entertainment retail arm of media house Bennett, Coleman & Co.
“Planet M has huge brand equity, and fits in well with the group’s retail ambitions. We are looking to an over six-fold increase in Planet M’s turnover, from around Rs 150 crore now to around Rs 1,000 crore. We will invest Rs 500 crore and have 1,000 Planet M stores all over the country,” said Videocon Chairman VN Dhoot.
With 150 stores across 42 cities, Planet M is one of the leading players in organised music retail. Dhruva Chandran, CEO, NEXT, said Planet M offers a unique opportunity for Videocon’s retail foray to tap products and services demanded by the new-age Indians.
Bennett, Coleman & Co. has sold Planet M as the media group wants to shed its non-core retail assets.
Last year, Videocon made its maiden debut in retail through NEXT. Apart from leading consumer durable brands, NEXT also sells its private labels under the same brand name in more than 500 stores in 180 cities.