By Claire Valdini
Renuka Jagtiani tells newspaper sales in India growing at 30 to 35 percent annually
Landmark Group, the UAE retail conglomerate, is eying sales of US$1bn in India over the next two years, its vice chairwoman has said.
Renuka Jagtiani said sales in India, where it operates its own Lifestyle and Home Centre stores, are growing at 30-35 percent annually.
“India is growing well and we believe it’s a big potential market for us,” she told India’s Economic Times.
The retail giant, which operates 900 stores across the Middle East, India, Turkey and Pakistan, and employs over 31,000 staff, said revenues in India reached US$600m during the last fiscal year.
Dubai-based Landmark Group is ramping up its operations in India and recently announced franchise agreements with the French supermarket chain Auchan Group and Krispy Kreme. Its subsidiary Max earlier in the month said it will open 13 hypermarkets in the country and plans to open 12-15 new stores annually.
Current foreign ownership regulations in India do not allow global hypermarket and supermarket chains such as Wal-Mart and Carrefour to set up shop in the country.
Landmark, however, is not restricted as it operates the Max brand only in India.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.