Godrej Nature’s Basket (GNB) has announced that it will undergo a strategic transformation to grow its revenues by three times, to reach Rs 1000 crore by 2020.
Calling it ‘GNB Refresh 2020’, the strategy outlines a clear roadmap for the business to become country’s “freshest and finest premium neighbourhood store,” company’s Managing Director, Avani Davda revealed.
“We remain excited about the future and are targeting a thoughtful expansion that entails 3-times growth by FY-20. We will also double our store count from the current 35 stores, penetrating deeper in the western and southern regions nurturing inhouse brands,” Davda said.
GNB’s transformation journey entails consolidation and sustainable profitable growth that will materialise over the next three to five years, she added.
“The aim is to have a robust and thoughtful Omnichannel expansion in the medium term,” she said.
GNB expects to achieve this through a strong focus on sourcing the “freshest and finest food”, penetrating deeper in the South and West and nurturing its own brands.
GNB is also looking to overhaul its store format, for both existing and new store to achieve its target. The refreshed store design will be unveiled by early FY 18.
The company has inhouse brands including Healthy Alternatives, Desi Nature, L’Exclusif, and is set to launch a new brand Nature’s Kitchen which will offer ready-to-eat foods curated by top chefs, using freshest ingredients Davda said.
“We are now at a very interesting inflection point and are committed to redefining India’s freshest and finest food experience,” she said.
About 10 per cent of the company’s revenues come from online sales, and Davda expects that by 2020, this will touch about 15 per cent.