Spencer’s ties up with British toy majorJune 7th, 2008 - 4:46 pm ICT by IANS
Kolkata, June 7 (IANS) The Rs.135 billion RPG Enterprises’ retailing arm Spencer’s has tied up with Britain-based Woolworth to sell Chad Valley branded toys in India. Sanjiv Goenka, vice-chairman, RPG Enterprises, said: “It is the first global tie-up of Spencer’s, and there will be many more. This year, we will tie up with three more international brands.”
Simon Brown, international head of Woolworth, said: “This is our first venture into Asian market.”
Goenka and Simon unveiled Chad Valley at Spencer’s store here Saturday. All the 400 Spencer’s stores in the country will have Chad Valley products.
“We are planning two to three standalone Chad Valley stores within the next 12-18 months through this exclusive tie-up with Spencer’s,” Simon said.
Goenka plans to double the turnover of Spencer’s this fiscal.
“We expect Spencer’s to post a turnover of Rs.18-20 billion in the current fiscal. Last fiscal the turnover stood at R.s9 billion,” he said.
It plans to double the floor space of retail outlets, too, from 1.1 million square feet to 2.2 million.
Fourteen more hypermarts will be added this fiscal, he added.
“The company will fund all the expansions through internal accruals,” Goenka said.
It plans to invest more than Rs 12 billion in the next 12-18 months. The total investment so far is Rs.10 billion.
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