Trek Bicycle looks to expand presence in India.

American cycling brand Trek Bicycle plans to expand its reach to around 125 cities in India by adding 20-25 retail stores each year for the next three years, a top company official said. The company, which sells premium and super premium bicycles, currently has presence in around 41 cities in the country with about 45 retail stores based on franchise format.

"In terms of expanding our presence in the country, we plan to open 20-25 stores each year with an aim to be present in 125 cities by 2022," Trek Bicycle India Country Manager Navneet Banka said. There is a huge shift in the mindset of people towards healthy lifestyle and fitness which is fuelling growth of cycling industry in the country, he added.

Besides fitness, a lot of youngsters are also taking up cycling as a sport which is also a positive sign for the industry, Banka said. The Trek range in India starts at Rs 29,000 and depending on consumer specifications and customisation, the performance bicycles can cost up to Rs 20 lakh.

The company has so far sold over 30,000 bicycles in the country and has even tied up with financial institutions for finance options to buy its products from its authorised retail stores. Trek started selling premium bicycles in India via distributors in 2007 and last year established a 100 per cent subsidiary in the country.

When asked if the company plans to set up local manufacturing in the country, Banka said that for the time being it will keep on making its products available by importing them from various countries like the US, Germany, China and Taiwan. Trek currently offers more than 30 bicycle models in the country across road, mountain, and hybrid range along with accessories, merchandise and riding gear.

As per industry estimates, the size of cycling market in India is around 16.3 million units per year currently. Trek caters to the super-premium segment which is currently around 30,000 units annually and has grown at a CAGR of 20 per cent over the past five years.

Radisson Hotels to introduce Spanish cuisine in India

Radisson Hotel Group has signed an exclusive master franchise agreement (MFA) with Tapas Club, a Singapore-based food and drink (F&D) brand, to roll out a series of stylish Spanish restaurants across its extensive portfolio of hotels in India. 

Under the new deal, Radisson Hotel Group will have exclusive use of the Tapas Club name in India, allowing it to introduce premium Spanish cuisine to its guests, who are always on the lookout for new experiences. These lively restaurants will also attract local residents and non-resident guests to dine at Radisson Hotel Group’s hotels. 

“Tapas Club is an excellent strategic fit for our business in India, where F&D trends point to the rising popularity of innovative cuisine. We are excited to introduce a new era of dynamic Spanish dining, tailored to Indian palates, to our hotels across the country. We aim to become flagbearers of Spanish cuisine in India,” Katerina Giannouka, president, Asia Pacific, Radisson Hotel Group, said.

The company plans to open more than 10 restaurants in the next four years and will deploy top chefs trained in Spanish cuisine across its Indian hotels and resorts.

Tapas Club was conceived to bring contemporary Spanish cuisine to the Asian market. Already present in Singapore, Indonesia and Malaysia, its restaurants specialize in authentic dishes that embrace the vibrant colors and flavors of the Iberian Peninsula. This makes it the perfect addition to the Indian F&D market, where diners – especially millennials – are increasingly seeking fresh and unique culinary adventures. According to a study by Deloitte, millennials now account for 34% of India’s population and spend almost a third of their disposable income on entertainment and eating out. 

“We are delighted to bring Tapas Club to India and look forward to adding value to our esteemed guests and partners. F&D is an important area for our business in India and we are exploring strategic tie-ups with other leading, high-quality culinary brands to further uplift our presence in this sphere,” Zubin Saxena, MD and VP, operations, South Asia, Radisson Hotel Group, said.

Rakesh Sethi, Radisson Hotel Group’s corporate executive chef in India, will work alongside the Tapas Club team to create extraordinary dishes that blend Indian flavours with Iberian flair. The menu will comprise of specialty dishes such as paella, Spanish omelette, croquettes, contemporary tapas and delectable desserts. All dishes will reflect Indian palates, with plenty of vegetarian options.

“It is our privilege to partner with Radisson Hotel Group in India, where the brand has operated for over 20 years and earned a huge brand equity. We are working with experts like chef Sethi, to delve deep into India's rich culinary culture and develop new dishes that will delight foodies all over the country,” Jose Alonso, executive chef, Tapas Club, said.

Radisson Hotel Group now operates 94 hotels in India and this strategic partnership with Tapas Club is the latest in a series of moves to enhance the group's F&D offerings in India, the company added.

IIFL Group acquires majority stake in Infigo

IIFL Asset Management Ltd (IIFL AMC) has acquired a majority stake in Infigo Lifesciences through IIFL India Private Equity Fund through an unspecified amount.

Infigo, which started with six centres — four eye care hospitals and two 3D eye clinics in Mumbai, is planning to start a chain of speciality eye care centres in India.

The company plans to open a total of 15 centres within one year, with ten centres in Mumbai and the remaining five spread across Maharashtra. IIFL India PE Fund will look to invest up to ₹70 crore in multiple tranches to pre-defined business milestones for setting up over 20 centres, the company said.

 “India is witnessing an interesting trend with people preferring to visit branded specialty centers for their healthcare needs. In a country where most eye care practices are individually-run and often lack protocols or standards, there is an opportunity to create a pan-India franchise of speciality eye care centres. The current gap in demand and supply and increasing consumer preference for branded chains presents a unique opportunity,” said Prashasta Seth, Senior Managing Partner, IIFL AMC. 

“There is a huge void for quality eye care service at an affordable cost and IIFL’s support and guidance will help us fill this void and build an accountable institution with qualitative clinical outcomes. All our hospitals will be eyeing at NABH accreditation in immediate future,” said Dr. Shridhar Thakur, Founder of Infigo Lifesciences. 

IIFL AMC launched the IIFL India Private Equity Fund, a close-ended SEBI-registered Category II Alternative Investment Fund, in May 2018. The fund seeks to back professional entrepreneurs at an early stage in emerging sectors like healthcare, technology, financial services and consumer goods. 

Korean lifestyle brand Mumuso planning to boost their retail presence

South Korean lifestyle brand Mumuso expansion strategy is to expand its presence all over India and is aiming at a business turnover of Rs 1,000 crore with over 300 outlets by mid-2022, a top company official said.

As part of its expansion, Mumuso would have a blend of both the company-owned and franchise stores.

It would invest between Rs 80 lakh to Rs 1.2 crore towards setting the company owned and franchise stores.

The company, which had entered the Indian market in September, 2018 with its stores in Kolkata and Mumbai, plans to expand to other metro, tier I and tier II cities as it is banking on range of affordable products.

Besides, the company plans to go online to tap into the rapid growing   e-commerce business in the country.

“ India being a fast emerging market for retail industry, they are expecting an accelerated growth in a short span of time,” he said.

Mumuso offerings includes health and beauty products, fashion home accessories to apparel and digital products. 

The new stores are expected to open  in cities such as Delhi, Chennai, Bengaluru, 
Hyderabad, Kolkata, Pune, Goa, Jaipur, Indore and Surat. 

The company is also planning to source locally special apparels and small leather products. 
As per the FDI norms, it is mandatory to source 30 per cent goods from India in single brand retail trade. 
Currently, Mumuso has presence in around 30 countries.