Landmark Group targets $5bn turnover by 2015

The Landmark Group has announced it expects to exceed an annual turnover of $5 billion by 2015.
 
The projection comes on the back of the Group’s milestone accomplishment of more than 1,000 outlets encompassing 18 million square feet of retail space across its portfolios in the Middle East and India.
 
The retail and hospitality conglomerate, which has in house brands such as Splash, Babyshop, Shoe Mart and other stores to its name, along with the budget hotel brand Citymax, recorded a 28 per cent growth in business in the financial year 2010/2011.
 
Vipen Sethi, CEO, Landmark Group, said: “The Group has registered a 28 per cent growth for the year 2010-11. From an annual revenue of $1.1bn in 2006, we have garnered a consistent annual growth of 25 per cent every year, in the last five years.”
 
Sethi added: “Our progress is a testimony to the hard work of the 35,000 plus employees that work with us… We have built strong relationships with our partners within the region and globally.
 
“On the basis of this strong people power, we aim to grow our retail footprint, expand our reach to five new countries, and introduce new brands and achieve revenue of over $5bn by 2015.”
 
The UAE-based Landmark Group first opened shop in the early ’70s in Bahrain, under the guidance of Chairman Mickey Jagtiani.
 
The chairman said: “We started with a single Babyshop store in Bahrain in 1973 with an initial capital of $6,000. Today, we have grown to become a major force to reckon with, in the retail space.
 
“In the first two decades, we opened a steady number of six outlets. The year 1990 proved a turning point for the Group when we shifted our headquarters from Bahrain to the UAE and opened our first Shoe Mart store.
 
“It was around the same time that we strategically decided to take on an aggressive growth path.”
 
Over the years, Landmark International and Shoe Mart International, the Group’s franchise divisions, have acquired rights in global brands, with the latest investment being in the Steve Madden retail franchise across the GCC.

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