Trent Limited today acquired a 76 per cent strategic interest in the largest, privately owned books and music retailer Landmark and its subsidiary firms, for a consideration of Rs 103.6 crore.
Landmark is the leading books and music retailer in India and has created a unique experience for its customers over the years. Starting with one store in 1987 in Chennai, it has now four own stores (three in Chennai and one in Bangalore) and operates in Kolkata through a JV with Emami. Its stores range in size from 12,000 sq ft to 45,000 sq ft and stock various categories of merchandise like books, audio / video, gifts, stationery, cards, toys, etc.
Landmark (including its subsidiary firms) closed FY 05 with a turnover of Rs 95 crore, which is projected to increase to Rs 130 crore in the current year.
Commenting on the development Noel Tata, managing director, Trent, said , " We are happy to be partnering in the growth strategy of Landmark. Landmark has one of the finest retail concepts in India and we see significant synergies in this partnership".
Hemu Ramiah, who is responsible for creating brand Landmark, will continue to be the CEO of Landmark. She has close to 26 years of retail experience and has been associated with Landmark right from the beginning. She will continue to hold the balance 24 per cent in Landmark.
According to Hemu, "Trent is one of India's most stylish retailers with a unique business model. We see a strategic fit between Trent and Landmark and hence our decision to partner with them. We are looking at an aggressive growth over the next few years and this partnership will help us in achieving our expansion".
Trent, a Tata Group company, is a large size retailer with two formats - Westside and Star India Bazaar. Westside has a national presence with 18 stores and Star India Bazaar launched its first hypermarket recently in Ahmedabad.