adithya
Core Member
Russian conglomerate Sistema JSFC, which operated in India in the telecommunications sector under the MTS brand, announced its foray in the retail sector on Monday, and said that it would open at least 10 stores across Delhi, Mumbai and Bengaluru by 2018-end. According to a statement, these stores would sell products of Acoola, which is a clothing, footwear, and accessories brand.
The company plans to make investments in the Acoola brand in a phased manner, and in the first phase, it will invest $10 million, according to a company source. “Investments in the 10 Acoola stores to be launched in India, would be in a phased manner. As part of phase 1, plans are being drawn to invest $10 million, this would then be followed up with additional investments as the full roll out progresses,” the source said.
The company statement said that it would open the first store in Noida, and also plans to tap various e-commerce platforms such as Myntra, Jabong, and TataCLiQ to sell its merchandise.
Sistema Group’s telecom venture in India, MTS, which it ran through the joint-venture Sistema Shyam TeleServices
Ltd, was acquired by Anil Ambani-led Reliance Communications last year in an all-stock deal.
Sistema enters Indian retail market; to open 10 stores by 2018-end | The Indian Express
The company plans to make investments in the Acoola brand in a phased manner, and in the first phase, it will invest $10 million, according to a company source. “Investments in the 10 Acoola stores to be launched in India, would be in a phased manner. As part of phase 1, plans are being drawn to invest $10 million, this would then be followed up with additional investments as the full roll out progresses,” the source said.
The company statement said that it would open the first store in Noida, and also plans to tap various e-commerce platforms such as Myntra, Jabong, and TataCLiQ to sell its merchandise.
Sistema Group’s telecom venture in India, MTS, which it ran through the joint-venture Sistema Shyam TeleServices
Ltd, was acquired by Anil Ambani-led Reliance Communications last year in an all-stock deal.
Sistema enters Indian retail market; to open 10 stores by 2018-end | The Indian Express
