The Hindu Business Line : The Loot to offload 25% stake to PE investors

Mr Jay Gupta, Managing Director, The Loot India Pvt Ltd, said on Tuesday that the move would be a pre-IPO dilution and “will not be less than Rs 100 crore.”

Speaking to Business Line on the eve of the launch of the Bangalore store, Mr Gupta said the value retail chain is expected to post a turnover of Rs 60 crore for the year ending March ’08 and about Rs 120 crore by the end of the next financial year.

The Loot currently has 30 outlets in four formats across the country: small, medium, large and extra large with plans to open another 30 stores in the next four months and intends to take the number to 100 stores by March 2009. The Loot stocks close to 60 local and global brands at its stores and offers 25 per cent to 60 per cent discount throughout the year.

The Mumbai-based value retail chain recently set up a warehouse that can stock up to 10 lakh pieces and can cater to the demand of 400 stores. Mr Gupta said that the company is also in talks with leading designers of the country to sell their surplus stock through The Loot stores as well as design special lines for the mass market. The retail chain currently has two private labels for accessories: Eccentric and Bus Stop.

Value retailing in the country is estimated to be a Rs 12,000-crore industry with most outlets offering single brands and a couple of other players like the Future Group and Arvind Brands offering multi-brand outlets.

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