Tata group firm Infiniti Retail,which runs ‘Croma’ chain of consumer electronics and durables stores,plans to launch high-end private label items as it looks for over 50 per cent jump in revenue from its own brand of products this year.
The company is planning to introduce washing machines and air conditioners apart from getting into mobile and computer accessories under its private label as part of the initiative.
“There is a move to increase Chroma Private Label. Last year,we had a turnover of Rs 130 crore from the segment and this year we are targetting to touch Rs 200 crore,” Infiniti Retail Ltd Managing Director & CEO,Ajit Joshi said.
When asked what are the categories where the company intends to introduce its private labels,he said: “We are in the process of launching washing machines. Also we are looking at the high-end segment of other products like air conditioners and vacuum cleaners.”
Not only these,Joshi said: “We are also trying to get in to accessories for mobiles and computers.”
Commenting on the sourcing for private labels,he said: “At present 70 per cent are from India. Some are from Hong Kong and we will continue that.”
Woolworths Wholesale (India),which Infiniti Retail will acquire for AUD 35 million (around Rs 200 crore),has been sourcing private labels for the retailer. On the overall growth prospect,Joshi said the company is looking at a double digit year-on-year expansion. Last fiscal,the company had clocked a growth of 29 per cent with sales of Rs 1,972 crore.
Infiniti Retail currently has a total of 85 Chroma stores across India that are over 12,000 to 20,000 sq ft. It sells more than 6,000 products and 180 brands in eight categories,including home entertainment,small appliances,white goods,computers,communication,music,imaging and gaming software.