Tata group company Infiniti Retail, which runs Croma stores across the country, today said it will invest Rs 100 crore this fiscal to increase outlets to 80 by the end of current fiscal.
"We currently have 47 stores across the country and we want to take this number to 80 by the end of this fiscal," Infiniti Retail MD and CEO Ajit Joshi told PTI.
He, however, said the actual number of stores that the company will add this fiscal will depend upon factors such as availability of retail space. Asked about investments, Joshi said, "Each store would cost up to Rs 3.2 crore, which doesn't include real estate cost as most of our store would come up only on rental premises."
The total investments earmarked for opening up of stores will be around Rs 100 crore, Infiniti Retail Head Marketing Sumit Sahay said.
The company today announced the opening of three new stores in Delhi-NCR region.
Speaking about other initiatives of the company, Joshi said the firm is betting big on sale of its private labels.
Infiniti has over 100 consumer electronic products under its private labels ranging from accessories like head phones, pendrive to high-end products like LCD and plasma screens.
"Currently, private labels products contribute only a negligible amount to the over all revenue of the company but our goal is to take our private label business to a stage where they should contribute around 20 per cent of over all revenue," Joshi said.
Infiniti reported a sale of around Rs 650 crore in 2008-09 fiscal and the company hasn't declared the numbers of last fiscal but is confident of crossing the Rs 1,000 crore mark.
"Last fiscal, we have grown more than 50 per cent and in the current fiscal, we are hopeful of registering 100 per cent growth," he said.