Vehemently refuting what it called ‘idle speculation rather than an impartial investigation of facts’, consumer electronics retailer X-cite has said that far from shutting shop in India, it is instead poised to expand its store network into Delhi. Responding to a news item that appeared in Financial Express suggesting X-cite’s exit from India, Ashutosh Saxena, head – Marketing & Products Management, X-Cite, told IndiaRetailing, “The said piece of article is completely baseless and incorrect; far from selling out our chain, we are in fact in the process of opening our 7th store in Shoppers Stop, Rajouri Garden, Delhi by the end of the month.”
X-cite is operated in India by Impact Retail, a franchisee of Kuwait-based Alghanim Industries, and promoted by Tony Jashanmal. The company currently runs six X-cite stores across India.
— IndiaRetailing Bureau