Tata Sons subsidiary Infiniti Retail today said it is targeting an over 65 per cent growth in turnover to touch Rs 1,700 crore in the current fiscal, as it plans to enter new geographies and expand reach.
The company that operates 56 'Croma' branded stores, sell a range of consumer electronics, appliances and IT products will invest about Rs 40 crore by March next year to have a total of 75 stores. It also plans to launch its own branded computers and notepads.
"Croma is targeting a turnover of Rs 1,700 crore in the current fiscal, up from Rs 1,021 crore last year. The company will also invest up to Rs 40 crore on store expansion," Infiniti Retail CEO and Managing Director Ajit Joshi told reporters here at the launch of a new Croma Mega store here.
He said in the last three years the firm has invested Rs 280 crore to set up its stores.
Infiniti Retail, which currently has a strong presence in Mumbai, Delhi/NCR, Bangalore and Gujarat, is looking to further strengthen its foothold in existing locations besides, entering new areas such as Punjab and smaller cities of Tamil Nadu.
Within the stores, the company is also working on strengthening the portfolio of its private label products branded as 'Croma'.
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"Currently our own label 'Croma' contributes between 6-8 per cent to the total sales, we hope to go up to ten per cent by March-end," Joshi said.
'Croma' products are currently available in categories such as TV, refrigerators, kitchen appliances, health-care products and washing machines.
"We are looking to get into computers and notepads as well for which talks are being held with original equipment manufacturers," he added.
As per estimates, 31 per cent of the total revenues from stores comes from computers and notepads. "It is a very strong category," Joshi said.
The company has also announced an association with Intel to launch applications for netbooks across categories like entertainment, social networking, gaming and productivity.