NEW DELHI: Dubai-based Landmark Group targets $1 billion, or about Rs 5,500 crore, business in India in the next two years, its vice-chairperson Renuka Jagtiani said.
The $4.7-billion (approx Rs 26,000 crore) group, which operates Lifestyle and Home Centre retail chains in the country, recorded revenues of about $600 million (about Rs 3,000 crore) last fiscal.
“India is growing well and we believe it’s a big potential market for us,” Jagtiani, wife of Landmark founder Micky Jagtiani, said over phone from Bangalore, where she is on a two-day visit.
She said the company’s India business has been growing 30-35% a year for the last five years and the firm aims to maintain that rate in the coming years. Kabir Lumba, MD of Lifestyle International, said the department chain will increase its retail space to about 5 million sq ft in the next two-three years from 3 million sq ft at present.
In recent months, Landmark has announced franchisee agreements with French supermarket operator Auchan Group and US-based coffee chain Krispy Kreme.
Landmark signed up with Auchan after its seven-year franchise deal with Amsterdam-based Spar International ended this year. Landmark will rebrand all 13 Spar stores into Auchan by the last quarter of this year, and plans to add 12-15 Auchan hypermarkets in the next one year or so.
The company will roll out the first Krispy Kreme doughnut-cum-coffee chain in Bangalore later this year.