Bennett, Coleman and Co. Ltd (BCCL), the publisher of The Times of India and The Economic Times, has acquired 6.83% equity stake in Kolkata-based lifestyle retail firm Nik-Nish Retail Ltd. “The association with BCCL will help us achieve a higher brand visibility through access to the large audiences provided by the group’s media,” says Bharat Jain, managing director of Nik-Nish Retail.
Nik-Nish has been in operation since the past four years and is into retailing of lifestyle products, fashion accessories, gift items and household products. The group’s marketing strategy is to emerge as a leader in fashion accessories and home decorations.
Currently, Nik-Nish has 10 outlets across India, covering 53,000 sq ft of retail space. Their stores are located in Kolkata, Mumbai, Bangalore, Ghaziabad, Patna, Ranchi and Durgapur. The group has plans to add 12 new stores by this year end, with the number of outlets totalling to 40 by the end of fiscal 2008.
Nik-Nish has also ventured into two new store formats — Nik-Nish for Her, targeted primarily as young women and Nik-Nish Homestyle, its exclusive home accessories and furnishings store. The company plans to go for a public offer in early 2009.
Source: Economic Times