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Landmark Group on course to achieve revenue target in India

RBR Staff Writer Published 16 May 2013

Landmark Group, which operates Max fashions, Home Centre and Lifestlye brands in India, is set to achieve its revenue target of $1bn in the country.

In 2012, the Max, Home Centre and Lifestyle brands earned $600m in the country and are targeting a growth of 30% this year.

Landmark Group director Ramanathan Hariharan told Gulf News that the UAE-based company, riding on its successful partnership with French supermarket operator Auchan Group, is eyeing 30 to 35% growth in India in 2013.

According to a report by global property advisor CBRE, the rate at which international brands, especially from the US and Europe, are foraying into India could hit a record number in 2013.

The trend can be primarily attributed to India's approval of foreign direct investment of up to 51% in multi-brand retailers and up to 100% in single brand retailers in September last year.

CBRE South Asia chairman and managing director Anshuman Magazine told the website that the retailers can expand their business in India in a few years due to growing population and purchasing power.

"Infrastructure is a challenge in India but it is certainly improving. Retail is in a nascent stage in India but it's been growing, quality has improved and competition has increased," Magazine added.

"Real estate will always be the number one challenge for them. There are new shopping malls coming in but the biggest challenge is availability of quality space at competitive prices."