The company has floated a subsidiary, Wadhawan Lifestyle Retail (WLRPL), which will invest nearly Rs 500 crore (Rs 5 billion) to open around 100 outlets in the next seven years.
It will open its first exclusive outlet in Mumbai on December 19 and its second outlet in Delhi on December 26. The company will open five exclusive outlets by March 2008.
Kapil Wadhawan, chairman, Wadhawan Holdings, said, "We see huge opportunities in the luxury goods and services segment as the Indian market for this segment stands at around Rs 8,000 crore (Rs 80 billion) and expected to grow at 30 per cent per year over the next five years," Wadhawan said.
The company would target top eight cities initially. It will also enter other areas in the luxury segment such as fashion café and winery in the beginning of next financial year, Wadhawan said.
''The investment is dependent upon the number of global brands that we introduce in India and also on the various luxury formats that we will foray into," he added.
The Wadhawan group is planning to foray into cash-and-carry and wholesale formats also. The group has acquired Hindustan Lever's online format Sangam and retail chains - S Mart and Sab Ka Bazaar - in the past.
The group also owns and operates businesses such as Dewan Housing Finance, Wadhawan Food Retail, Aurus fine dine restaurants etc.
