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Nature's Basket eyes 60% growth this year

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On the back of growing demand for speciality foods among upmarket urban consumers, Godrej Group's gourmet retail chain, Nature's Basket, plans to concentrate on the metros by initially opening at least six stores by December-end, a top company official said.

The company runs 19 outlets and plans to take the total to 25 by 2012-end. The company will open at least two more by the month end and sees the sales growth of over 60%.

"We see demand growing in large cities where we are already present. Therefore, we plan to continue our focus on the upper end of the market. As per our strategy, we should be over 25 stores by December," Managing Director Mohit Khattar said.

"We are expecting that our overall business will grow by 60% in this fiscal," Khattar added.

Currently, the company is present in Mumbai, Delhi, and Hyderabad.

On the pressure on its margins due to currency fluctuation, he said, "We have not been impacted because most of it is borne by the suppliers".

The company recently tied up with Japanese government to promote ethnic Japanese food in its outlets.

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