NEW DELHI, Feb 3: Reliance Retail plans to increase the number of Hamleys toy stores to 20 in the country over the next three years.
“We should easily have 2O stores in three years time. That’s easily doable,” Reliance Brands Ltd President and CEO Darshan Mehta told.
Reliance Brands is a wholly-owned subsidiary of Reliance Retail.
UK-based toy store Hamleys entered the Indian market through an exclusive franchise arrangement with Reliance Retail in 2010. Reliance Retail opened its first Hamleys store in Delhi, the sixth in the country, yesterday.
As part of its expansion plans, the Mukesh Ambani-led firm in the near-term plans to open another five stores in the country by the end of the current year.
“We have two stores in Mumbai and the third one is under construction … We have stores opening in Chandigarh, Pune, Surat, so we’ll have about five more stores this year. We should end the calender year 2013 with 11 stores,” Mehta said.
The company aims to open two more stores in the National Capital by the end of this year.
“We plan to open another store in Vasant Kunj in Delhi. We have yet to freeze the location and another store in Gurgaon,” Mehta said.
He, however, did not share revenue targets and investment plans.
According to industry estimates the Indian toy market is pegged at Rs 13,000 crore, growing at a rate of 20 per cent per year. (PTI)
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