Organized Indian retail grew at 20 percent over the last five years, and we expect it to continue to expand at a scorching rate in the next five. Indian consumers are increasingly looking at shopping as an experience, not just a process of acquiring necessary items. With our entry into retail, we seek to provide our customers with a holistic experience that satisfies their desire for an enriching and pleasant experience as well as for excellent products.
Our first retail foray, the Mom & Me retail chain, positions us as first movers in the market for maternity and baby needs. Before our entry, Indian mothers had to visit an array of shops to buy maternity clothes here, baby healthcare supplies there, and nursery furniture at a third place. In the future, Mahindra Retail will continue to seek opportunities to expand into other categories of lifestyle retailing. We understand the need for excellence in front end, back end, and support functions, and Mahindra’s longstanding expertise in IT, Finance, Logistics, and Supply Chain Management have prepared us well for entry into new areas of retail.