Next 'bolld' move

Ambitious targets are never an issue with Venugopal Nandlal Dhoot, Chairman & Managing Director, Videocon Group. That probably explains his objective of notching up $3 billion (Rs 12,900 crore) in turnover from his retail venture—comprising Next, Planet M and, the latest offering, Bolld, which will be a wholesale cashand-carry B2B venture.

“Currently, we have a turnover of $500 million (Rs 2,150 crore),” he says. His maiden retail venture, Next Retail—a revamped version of its Raymond acquisition, Plugin stores, which stocks consumer electronics and white goods—currently operates over 400 stores and is targeting adding another 400 by the end of the financial year.

Planet M, which Dhoot bought from Bennett Coleman’s Times Music for Rs 200 crore, has been expanded to retail not just music and movies but also IT hardware products that specially target the youth. It currently has 150 stores across 42 cities and has been incorporated as a wholly-owned subsidiary of Next Retail.

But the big thrust is expected to come from Bolld, where it will pump in Rs 2,000 crore for a 25-city launch over the next three to four years. “Bolld stores will have a minimum of 100,000 sq. ft area,” informs Dhoot.