Home Retail to launch Argos business in India 'within two weeks' ? CEO

Terry Duddy, CEO, Home Retail Group PLC (HRG), declared the launch of its Argos chain in India in the next two weeks following in the footsteps of other UK retailers who have expanded into the country such as Mothercare PLC. The group is developing the Argos retail format in India through a franchise arrangement with a joint venture company owned by Indian retailers Shopper`s Stop Ltd and Hypercity Retail India Private Ltd. Duddy said Argos has put together its first catalogue for India, containing 4,700 lines, ready for release this month and will also open an initial six stores in Mumbai testing a range of store formats. They will be backed by a website (www.hypercityargos.com), home delivery offer, and call centre. They plan to have some large stores with 5-10,000 square feet along with some small catalogue only stores that are a couple of hundred square feet. Duddy anticipates it will take two years for the group to be able to properly assess the success of the venture but described India as a `fantastically exciting retail arena`.