Sees tremendous opportunity
To cater to this segment, a subsidiary company, Staples Future Office, has been floated.
Mumbai, Jan. 18
The US-based Staples Inc has forged a 50:50 joint venture with Pantaloon Retail by which the latter has made a formal entry into the office products segment. To cater to this segment, the country's largest retailer has floated a new subsidiary company Staples Future Office.
The agreement establishes a platform for the Boston-based Staples to enter the $10-billion office products market in India and allows Pantaloon to benefit from the industry expertise, and sourcing network of the world's largest office products company.
"As Staples expands globally, India represents a great opportunity for the company," said Mr Ron Sargent, Staples Chairman and Chief Executive Officer. "This partnership combines Pantaloon's local business knowledge and leading brand with Staples' best practices, and global procurement strength. Staples looks forward to working with the Pantaloon team on this joint venture."
"The office products business in India presents tremendous opportunities for growth. Through our partnership with Staples, the industry leader, we can become the office products provider of choice for businesses throughout India," said Mr Kishore Biyani, Pantaloon Managing Director and Chief Executive Officer.
Staples Future Office will serve businesses of all sizes through delivery as well as cash-and-carry locations, offering a wide range of office products from core office supplies to printers to computers.
The company recently acquired B-to-B online office products company Office Edge in Mumbai through which it will expand its delivery operations to include cities such as Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Kolkata, Pune, Ahmedabad, Indore and Chandigarh.