Bang 038; Olufsen appoints Shreyans Gr as India master dealer

Commenting on the development Bang amp; Olufsen Vice President of Sales,Service and Marketing Danny Feltmann Espersen said: 8220;This partnership reinforces our commitment to growing the Bang amp; Olufsen brand here. India plays an important role in Bang amp; Olufsen8217;s growth strategy.8221;

He,however,did not share the size of the company8217;s business in India.

Shreyans Group,which retails and distributes luxury brands like Ducati,Ferrari and Maserati among others in India,plans to open five more Bang amp; Olufsen dealerships in the country by next year,taking the total to ten.

8220;We plan to open five more stores by next year. Each store would require an investment of around Rs 5 crore,8221; Shreyans Group Chairman Ashish Chordia said.

When asked about the estimated revenues the company expects to generate from its partnership with Bang amp; Olufsen,Chordia said: 8220;We expect 10 million euros over Rs 65 crore by next year8221;.

He added that the company is looking at contracts from premium hotels and high-end residential projects for achieving the desired revenues.

8220;We expect 40 per cent of revenues to come from projects and the rest 60 per cent from retail operations,8221; Chordia said.

Bang amp; Olufsen,which set up its first franchise in India in 2005,currently operates five stores in India across four cities8211;New Delhi,Mumbai,Chennai and Bangalore.

These will now come under the new partnership with the Shreyans Group.