Lulu Group plans to increase retail presence in Hyderabad, invest in India
UAE-based retail and real estate business Lulu Group International plans to invest Rs 350 crore ($52.61 million) in India by the end of 2021 through its retail business Tablez, and plans to greatly increase its presence in Hyderabad, by bringomg all of its portfolio brands to the area.
Lulu Group plans to invest between Rs 1,500 and Rs 2,000 crore in mall projects around Hyderabad, Lucknow, and Bengaluru, TNN reported. The business, founded by Kerala-born M.A Yusuff Ali, is currently valued at $8.2 billion and aims to increase its presence in the Indian retail market in sectors including fashion.
“By 2020 end, we hope to be a Rs 250 crore turnover company [Tablez] with 85 stores across the country as against the existing 61 outlets cutting across brands,” Adeeb Ahamed, managing director for Lulu Group’s businesses Tablez and Twenty14 Holdings, told the Times of India.
“In the next 12- 24 months, we expect to bring all the brands in our retail portfolio into the Hyderabad market.”
“We have malls spread over nearly 1 million square feet coming up in Hyderabad, Lucknow and Bengaluru,” said Ahamed.
“We already have two projects under development in Bengaluru, even as we are evaluating other retail and hospitality projects in India.”
The business has also earmarked Rs 2,500 for setting up hotels in metros including Bengaluru. Tablez is a master franchisee for a wide range of international brands including Yoyoso and Women’secret.
Copyright © 2021 FashionNetwork.com All rights reserved.