Pantaloon Retail, through ConvergeM, its 50:50 joint venture with UAE`s Axiom Telecom, is planning to roll out a new mobile retail chain for high-end customers under the brand name Axiom, reports DNA.
ConvergeM operates 140 stores under mBazaar, GenM and mPort formats. In six months, it plans to set up 500 stores, including 80 under the Axiom brand. While it will set up some new stores under the brand, all GenM and mPort stores will also be converted to Axiom.
The new chain will target consumers in the high-end segment and the mid-market segment will be tapped through its mBazaar format.
Apart from major metros, mBazaar and Axiom stores will also be set up in Tier I cities such as Ahmedabad, Pune and Trivandrum under different formats like shop-in shop and standalones.
Shares of the company closed up Rs 3.2, or 0.81%, at Rs 397.5. The total volume of shares traded at the BSE was 45,264. (Wednesday)
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