Landmark Group targets Rs 5,500 cr revenue by ’14

UAE-based Landmark Group is close to hitting its 1 billion

dollar (Rs 5,500 crores) revenue target in India, where it operates its Max Fashions, Home Centre and Lifestlye stores, said company Director Ramanathan Hariharan.

Landmark Group is targeting 30 to 35 percent growth in India this year, driven by its hypermarket business after a tie up with the French supermarket operator Auchan Group, he told media. The Max, Home Centre and Lifestyle brands earned 600 million dollars (Rs 3,288 crores) in India last year and target 30 percent growth in 2013.

As per a recent study India is the ‘next great frontier’ for global retailers, a 500 billion dollars (Rs 27,38,750 crores) market growing at 20 percent a year. The rate at which international brands are entering the country increased in 2012 and could hit a record number in 2013 especially from the US and Europe.

This follows the approval of Indian FDI in multi and single brand retail last September. More than 30 international brands from the US and Europe entered in 2012 with giants such as Walmart, Tesco and Ikea expected looking to set up shop here.