New Delhi: Godrej group is reworking the business of its gourmet food retail chain Godrej Nature's Basket and is in the process of consolidating the chain. Godrej Nature's Basket, which is aiming for sustainable profitable growth through omnichannel expansion over the next three to five years, has also put in place a new management team.
"We are in the process of consolidating our business as you might know," Godrej Industries Executive Director & Chief Brand Officer Tanya Dubash told analysts in a conference call.
She was responding to a query on the company's strategy for Nature's Basket business going forward as it has closed down some of the stores. "We have got a new management in the beginning of this year, we also got Bain (& Company) to help us with the strategy and we are working strongly on that, we have identified new value proposition, we have got a good new senior management team," Dubash said.
She said the company would be "in a better position towards the end of the year to outline the strategy more clearly" on Nature's Basket business. According to the company's website, the company has closed six stores in the NCR region and operates only two at present.
It is operating 14 stores in Mumbai, 10 in Bengaluru and three in Pune. As per the company's annual report of FY 2015-16, it was operating 37 stores of Nature's Basket in Mumbai, Delhi NCR, Pune, Hyderabad and Bangalore.
The company had invested Rs 65 crore in Nature's Basket last fiscal to support its growth plans. It had a sales turnover of Rs 271 crore in FY2015-16, delivering a year-on-year growth of 30 per cent. However, it had registered a loss of Rs 62.69 crore last fiscal....