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.
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