Spencer’s Retail, RP-Sanjiv Group’s retail arm, has acquired Nature’s Basket, Godrej group’s premium food retailing venture, for around Rs 300 crore in an all-cash deal. Nature’s Basket, a wholly-owned subsidiary of Godrej Industries, is operating 36 stores in Mumbai, Pune and Bengaluru.
With this acquisition, Spencer’s will enable its access to the West where it has no presence and also strengthen its omni-channel capabilities.
Tanya Dubash, Executive Director and Chief Brand Officer, Godrej Group, said, “To further unlock the immense potential of the Nature's Basket brand and to grow it to even greater heights, the group decided to pass on the torch to owners who have prioritized retail in their portfolio strategy and have the relevant ecosystems to take the business to the next level.”
“Spencer’s Retail is very keen to further strengthen the brand and strongly accelerate the growth of the business at a time when the retail industry is consolidating. Nature’s Basket has been operating since 2005,” she further stated.
Shashwat Goenka, Sector Head, Retail and FMCG, RP Sanjiv Goenka Group, added, “Nature’s Basket has a strong portfolio of private label brands which has huge traction with its consumers. We believe there is huge potential to expand this to Spencer’s stores. It also has a strong e-commerce presence, and we believe that fits in well with our omni-channel strategy at Spencer’s.”