Infiniti Retail eyes 30% increase in turnover this fiscal
New Delhi: Tata group firm Infiniti Retail Ltd that runs consumer durables and electronics chain under Croma brand is eyeing 30 per cent increase in its turnover to Rs 3,300 crore this financial year on the back of network expansion and enhanced contribution from private labels.
The company which reported turnover of Rs 2,500 crore last year will add 14-15 stores this year to its total network of 90 stores at present.
"Looking at the current trends for sales we are targeting 30 per cent growth in turnover over last year," Infiniti Retail Ltd MD and CEO Ajit Joshi told reporters.
Commenting on the store expansion plans, he said Infiniti Retail would add up to 15 stores this year entailing a total investment of Rs 50-60 crore.
"We expect these new stores to contribute about Rs 200 crore each to our turnover," Joshi said.
All Croma stores are company-owned and the new stores will come up in cities where Croma stores are already present.
"Our strategy is to penetrate deeper into our existing markets, rather than opening stores in new cities," Joshi said.
On the contribution from private labels, he said the retail chain is targeting 7-10 per cent of total turnover from such products.
It plans to add high-end refrigerators to range of private label products after recently adding mobiles and tablets.
"We continue to expand our private label range. We are targeting a turnover of Rs 200 crore from that range this year. We will continue to bring quality products to our customers," Joshi said.
Croma sells over 200 products under its private label. The company which achieved cash break-even in 2012-13 is looking at bottom-line break-even this year.