Godrej Agrovert promoted Gourmet retailing chain Nature’s Basket will be spun off into a separate entity as it is highly profitable and can thus grow on is own. You may recall that Godrej groups retail initiative included Aadhar – Rural Retail Chain where they divested 70% stake in favor of Future Group to support Growth.
If you are wondering what Gourmet retailing is about, it involves selling high-quality premium food for the consumer with global taste and health and nutrition awareness. SKUs include but not restricted to items such as farm fresh vegetables and fruit, premium wines, cheese, handmade pasta, cold cuts, seafood, jams, ready-to-eat desserts, condiments and spices from around the globe
Ms. Tanya Dubash CEO of Nature’s Basket said,
We see the Godrej brand and Nature’s Basket doing a two-way equity transfer. We have hit on a very successful model and our same store sales has grown 50% annually. The decision to spin off this business is to accelerate growth and scale up the business. Nature’s Basket has done exceptionally well at a time when the modern retail industry is currently tackling a downturn.
Nature’s Basket is scouting for Global Partner to take this initiative forward. Hypercity and Spencers are the other players in this niche business.