Infiniti Retail Ltd, a 100% subsidiary of Tata Sons Ltd, on Monday
entered the ecommerce space, launching cromaretail.com to compete
alongside the group’s retail store chain Croma and with sites such as
Flipkart.com.
“The online store and the physical retail store chain would be two separate entities and will have individual strategies in terms of deals available and will compete with each other,” said Ajit Joshi, chief executive officer, Infiniti Retail, who expects the website to equal the six-year-old retail chain’s revenue in the next “18 to 24 months.”
The
launch saw the attendance of Ratan Tata, chairman, Tata Sons, and his
designated successor, Cyrus Mistry, currently deputy chairman, besides
R.K. Krishna Kumar, chairman, Infiniti Retail, and director, Tata Sons.The Croma retail chain has 72 stores in 14 states across, covering 6 lakh sq ft.
For the year ended March, Infiniti Retail posted a 29% growth in revenue?? to Rs1,970 crore. The company will make a profit in the coming year and is currently profitable at the store level, Joshi said.
“Electronic retail has the highest acceptance among fashion and home in online commerce as the brands are well defined and there is a manufacturer guarantee and warranty on sales,” said Ankur Warikoo, chief executive officer, Crazeal.com, the Indian unit of Groupon.com.
According to a November report on the digital consumer industry by Avendus Capital Pvt. Ltd, e-tailing is set to become a Rs. 53,000 crore market by 2015 from Rs. 3,600 crore now, but will still account for just around 1.4% of the retail market in India.
Currently, India’s largest listed retailer by revenues, Pantaloons Retail India Ltd, has an online presence through futurebazaar.com and Shoppers Stop Ltd has an online portal for its Crossword book retail business, crossword.in. The portal and retail chain have two distinct strategies and compete with each other.
“The online store and the physical retail store chain would be two separate entities and will have individual strategies in terms of deals available and will compete with each other,” said Ajit Joshi, chief executive officer, Infiniti Retail, who expects the website to equal the six-year-old retail chain’s revenue in the next “18 to 24 months.”
For the year ended March, Infiniti Retail posted a 29% growth in revenue?? to Rs1,970 crore. The company will make a profit in the coming year and is currently profitable at the store level, Joshi said.
“Electronic retail has the highest acceptance among fashion and home in online commerce as the brands are well defined and there is a manufacturer guarantee and warranty on sales,” said Ankur Warikoo, chief executive officer, Crazeal.com, the Indian unit of Groupon.com.
According to a November report on the digital consumer industry by Avendus Capital Pvt. Ltd, e-tailing is set to become a Rs. 53,000 crore market by 2015 from Rs. 3,600 crore now, but will still account for just around 1.4% of the retail market in India.
Currently, India’s largest listed retailer by revenues, Pantaloons Retail India Ltd, has an online presence through futurebazaar.com and Shoppers Stop Ltd has an online portal for its Crossword book retail business, crossword.in. The portal and retail chain have two distinct strategies and compete with each other.
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