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  • Apple to open (mini) India stores

    Apple to open (mini) India stores

    Apple is about to open its first retail stores in India.

    But unlike in other international markets, the Apple India stores will be a joint venture with local electronics chain, Croma. And they’ll be considerably smaller than elsewhere.

    India has strict laws regulating single brand foreign retailing, which would require Apple to source a percentage of its products’ components within India.

    Media sources in India say the new stores – the first of which will open around the time of next month’s Diwali Festival – will feature the same signature wooden tables and counters of full scale Apple stores elsewhere in the world and staff will be trained in the US.

    Croma, a subsidiary of Infiniti Retail, in turn owned by industrial giant Tata, will open six stores in an initial trial, all in greater Mumbai.

    Infiniti Retail CEO Avijit Mitra said in a statement: “We are proud to partner [with] Apple to launch the Apple Store in India and extremely bullish about it.

    “These stores will be modelled on the global design and will offer the best experience to consumers, showcasing the entire range of Apple products,” he said.

    The first stores will comprise a mere 46 sqm, a fraction of the size of the tech giant’s global flagships, in reality resembling little more than a concession. But it marks a significant strategic step from Apple’s previous india strategy of selling through authorised resellers or mobile phone networks.

    Apple’s iPhone 6s model goes on sale in India this week, with the 16GB version priced at 62,000 rupees, about US$960).

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  • Croma to open around a dozen stores in India this year

    Croma to open around a dozen stores in India this year

    Croma, consumer durables and electronics chain of the Tata Group, is looking to open a dozen more stores this financial year.

    In April, the first month of 2015-16, it launched three stores. Two more are being readied for launch in a month or so. “We have budgeted for around 10 new stores in FY16 but might exceed that, depending on the quality of location and store layout, if we get the right rental. We continue to focus sharply on calibrated growth in our chosen markets,” said a spokesperson.

    Croma’s first chief executive and managing director, Ajit Joshi, quit the chain recently after eight years at the helm. Its chief financial officer, Avijit Mitra, is interim CE. Croma runs about 100 stores. It is also looking to launch new products in home appliances, the spokesperson said.

    About six per cent of overall revenue comes from its private labels; in home appliances, the share of revenue is 25 per cent.

    Croma’s rival, Reliance Digital, which entered the fray later than the former, has become the biggest durables chain in the country, with about 1,100 stores. Its Digital Mini Express has also become largest mobile phone retailer.

    “Croma continues to lead the consumer durables & information technology (CDIT) organised retail market in store throughput. In the immediate future, Croma will penetrate deeper into the top CDIT markets of India,” the chain had said earlier.

    The chain is yet to break even. Asked to comment, the spokesperson said: “Financial information is internal to the company. We are progressing toward our financial goals as per plan.” Croma entered e-commerce in 2012 and tied up with Snapdeal last year to sell its products.

    “We are already a step ahead in terms of omni-channel retailing and are in the process of rolling out some exciting customer-facing services this financial year, which will be announced once the pilots stabilise,” the spokesperson said.

  • Croma to open more shops in India

    Croma to open more shops in India

    Croma, consumer durables and electronics chain of the Tata Group, is looking to open a dozen more stores in India this financial year.

    In April, the first month of 2015-16, it launched three stores. Two more are being readied for launch in a month or so. “We have budgeted for around 10 new stores in FY16 but might exceed that, depending on the quality of location and store layout, if we get the right rental. We continue to focus sharply on calibrated growth in our chosen markets,” said a spokesperson.

    Croma’s first chief executive and managing director, Ajit Joshi, quit the chain recently after eight years at the helm. Its chief financial officer, Avijit Mitra, is interim CE. Croma runs about 100 stores. It is also looking to launch new products in home appliances, the spokesperson said.

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