Grabal Alok Impex Looks At UK Lifestyle Retail Space

Mumbai-based Grabal Alok Impex has chalked out a restructuring strategy to turn around UK-based retail chain Hansard 2353, in which it is acquiring 75% stake. Grabal Alok Impex, a joint venture between India''s Alok Industries and Austria''s Grabal Group, has already invested 16.4 million pounds (Rs 140 crore) for acquisition of 26% equity stake and convertible debentures, giving it a total of 75% stake in the UK firm. The company has also formulated a multi-pronged strategy to compete with leading UK retailers such as Primark and Peacock with similar profiles to Hamsard. The group also plans to bring this store format to India, besides stepping up sourcing activities for its UK operations from the Indian subcontinent - which would help it bring down costs and price products competitively to gain marketshare.