Abu Dhabi-headquartered Lulu Group’s retail arm Tablez is moving to invest US$75 million into the Indian market with the aim of opening more than 150 stores in the territory by the end of next year.
The move, if successful, is expected by management to nearly quadruple its market share in India.
“We plan to exit this year with nearly 100 stores, and we would be scaling up with fresh investments in 2020 to arrive at a portfolio of 150+ stores in India,” said Tablez MD Adeeb Ahamed.
“We will be adding five more brands – Corir, Desigual, GoSport, YOYOSO and OshKosh, taking the total number of our retail brands across various categories to 13 brands in India by the end of 2019,” he said.
Tablez has more than 40 stores within India operating in several industry sectors from F&B to fashion.
“To fuel further growth, we would be deploying about $75 million in capital over the next two years to scale our retail stores, enhance our people building capacity and create backend infrastructure and marketing,” he said.
Tabelz currently markets a range of international and homegrown brands in the territory.