Godrej Nature’s Basket targets 3X growth by FY2020 through asset-light
model
Collaborates with
Goa’s leading retail chain, Magsons Group, as part of its national expansion
strategy to become India’s neighbourhood store delivering the finest and
freshest food experience to Indian consumers.
Mumbai, August 23,
2018: Godrej
Nature’s Basket (GNB), India’s leading neighbourhood store providing freshest
and finest food experience and part of the Godrej Group, announced its expansion
plans to opt for an asset-light growth model for furthering its reach in Tier 1
and 2 cities. The strategy, in line with its target to grow 3x times by FY2020,
focuses on fostering partnerships with leading regional retail chains.
As a proof-point of the strategy, Godrej
Nature’s Basket has entered into a long-term strategic partnership with Goa’s
leading retail chain, Magsons Group. Godrej Nature’s Basket will work along
with Magsons Group on assortment, merchandising and sourcing of the products to
bring the assortment in line with its product strategy. The move will bolster
GNB’s presence in the western market, and provide Magsons an opportunity to
strengthen its operations using GNB’s experience of successfully establishing
neighbourhood stores with a sharp focus on providing daily food delights.
Avani Davda, Managing
Director, Godrej Nature’s Basket, said, “Godrej Nature’s Basket is a trusted neighbourhood store
providing the finest and freshest food experience to Indian consumers through
an omni-channel model. This national expansion strategy will steer the path for
better deployment of capital between growth through expansion and collaboration
with key regional players. This is a win-win for both partners as it would help
improve revenue and margins for the partners as well as provide them with our
expertise of crafting great shopping experience for consumers. We have outlined
a clear roadmap for the business to become India's neighbourhood store
providing the freshest and finest food experience and achieve our target of 3x
growth by FY2020.”
Kirit Maganlal,
Founder & CEO, Magsons Group added, “We are delighted to partner with Godrej Natures Basket in its
endeavour to expand across key regions. This collaboration is aimed at
accentuating the shopping experience of our trusted consumers in Goa. Since our
inception, our values have been to do what’s right for the customer and what’s
the right thing for our associates. Employees across our stores will immensely
benefit from the expertise and legacy of Godrej.”
Currently, with a presence through 30 stores
across three states, GNB aims to increase its presence through 40 stores in
India (excluding partner stores), and establish the brand as a leading national
neighbourhood retail chain by FY2019. The ‘asset-light’ model will also have a
positive impact on both the bottom line and topline of GNB and is expected to
improve the revenue by 17% over FY2018 exit on an annualized basis.
****
About Nature’s Basket:
Godrej Nature’s Basket is India’s pioneering food
destination from the 119-year young Godrej Group. Our beginnings were humble -
what started in 2005 as a single store in Mumbai has now transformed itself
into an omni-channel retail business. We are present through physical retail
stores across India in neighbourhoods, this combined with an online portal and
a mobile application.
Our aim is to redefine India’s freshest and finest
food experience and be the go-to place for our customer’s 'Daily Food Delights’.
Be it the freshest fruits & vegetables, the finest meats, wide array of
cheese, irresistible bakery products and more. For us, our customers’ needs
come first and to serve them better and offer the best in terms of quality,
benefits, flavor and taste we have grown and nurtured our own brands over the
years. Healthy Alternatives, L’Exclusif and Nature’s are our range of own
brands, each providing a distinct offering to cater to the discerning palate of
the Indian consumer.
We believe in creating lasting experiences and go an
extra mile to serve our customers better. To make their journey an enjoyable
one, our knowledgeable and passionate staff answers any queries they may have,
help one put together a perfect fine food gift or an expertly selected cheese
or meat platter for a special occasion.
About
Magsons Group
Magsons Group is the leading family-owned
retail grocery chain based out of Goa since 1990s and currently operating 11
stores. The firm achieved a turnover of
Rs. 50 crores at a gross margin of around 15%. All the stores of Magsons are
strategically located to be able to address the needs of the tourist traffic as
well as local residents.
.jpg)
