Videocon Retail Ltd, part of the Venugopal Dhoot-promoted Videocon Industries, plans to invest Rs 800 crore in expanding its electronic retail format Next Retail and mobiles, music, entertainment and lifestyle chain Planet M in the next three years, said Saurav Dhoot, director, Videocon Retail.
Videocon, which acquired the leisure format from media conglomerate Bennett, Coleman and Co in November 2007, has so far launched 80 revamped Planet M stores. It plans to take the number of outlets to 1,500 from the present 200 in the next three years. Simultaneously, Next outlets will be ramped up to 650, from the existing 400.
Dhoot said the company was witnessing 40 per cent revenues from sale of mobile phones and accessories at Planet M. It is looking at offering company-labelled telecom products including mobile pouches, phone insurance and extended warranties. It is in talks with a few general insurance companies. Apart from retailing mobiles and IT products, the company has plans to launch laptops, mobile phones and gaming solutions under the Videocon brand, he added while declining to divulge further details.
Meanwhile, Videocon Retail on Sunday launched the country's first cafe-in-store Cafe eARTh, a platform for young budding artists to portray their talent, at its Planet M store in Hyderabad. "Our idea is to launch 250 cafe-in-stores in the next three years," Dhoot said.
Videocon Retail garnered revenues of Rs 800 crore from Next and Rs 100 crore from Planet M last year. With the enhanced retail presence, this year's revenue contribution from the two formats will be Rs 1,500 crore and Rs 400 crore respectively, he said.
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