Retail major eyes Rs 1,000 crore mark by FY20

It has also picked up minority stake in Goa’s retail chain Magsons group, for an undisclosed amount, as part of its expansion strategy, said Avni Davda, MD, Godrej Nature’s Basket. Magsons group, which currently has an annual sales of Rs 50-60 crore, will manage supply chain and improve the margins in the first few years, she added.

“We closed last financial year at Rs 350 crore. With the new collaboration, we expect to close FY19 at Rs 450-500 crore, and touch Rs 1,000 crore by FY20,” Davda said. It presently have 32 stores across Mumbai, Pune and Bengaluru, and plans to add another 12-15 own stores in these cities, she said. It has also added another 12 stores under Magsons in Goa through the collaboration.