Tablez India has plans to invest about Rs 75 crore every year on expansion of its retail footprint across the country. The multi-brand retail chain, which is a subsidiary of the UAE-based conglomerate Lulu Group, is looking at a turnover of about Rs 500 crore. It also plans to expand its network to around 250 stores in India over the next five years; currently, Tablez India operates 67 stores.
Vasudevan Balakrishnan, Chief Operating Officer, told PTI that by FY2025-26, the company will probably be looking to cross Rs 500 crore turnover. “We will have 250 outlets and have some more other revenue channels by then. The company is still optimistic about its growth target for the Indian market despite the pandemic-related disruptions,” he said. “We will be investing somewhere between Rs 70 to Rs 75 crore a year.” Balakrishnan said investment in brands will be re-calibrated post-2021 as per strategy. “We are looking at if any new brands could come to our fold, we also have to do cost corrections for any brand running with us or the store network.” The executive added that the company is very cautious and wants to have profitable expansions with a logical growth.
Balakrishnan described the year 2020 as a watershed for the industry, with the company expecting a turnover of Rs 100 to 120 crore. “We were targeting to be around Rs 250 crore but it did not happen. Now this goal has been shifted to next year,” he said. Tablez, whose operations are mainly based in South India, would fund its expansion through equities. Balakrishnan said the expansions and build-up have happened in the last three years. “We are also taking our learnings from the market. We are also trying to understand how different markets respond to the different brands that we have in the kitty,” he explained. “The market would take some time to heal and we will also re-calibrate the entire business plan accordingly, and go slow across all our brands.”
Tablez India launched its operations in India five years ago. It has operations in retail, and food and beverage segments.