Abu Dhabi-based LuLu Group International plans to consolidate its investments in the hospitality segment and expand its retail venture, Tablez, with a total investment of ₹350 crore over three years.
“We have committed ₹2,500 crore for the hospitality sector with hotels in Kerala, two coming up in Bengaluru and another in Kannur. We are also evaluating other cities,” said Adeeb Ahmed, Managing Director of both Tablez and Twenty Fourteen Holdings (T14 Holdings).
T14 Holdings intends to have about 1,000 rooms across key cities including Bengaluru and Hyderabad over the next few years. It works with global brand operators such as the Marriott, he told BusinessLine on the sidelines of the launch here of two outlets of Cold Stone Creamery, the American ice-cream brand, on Friday.
LuLu Group, whose core strength is retail, is in the process of setting up large-format malls (around 1 million sq ft) in Hyderabad, Lucknow and Bengaluru, and is also evaluating other cities. At present, the 1.2 m sq ft mall in Kochi is the only functional one and is doing well, he said.
On the future of Tablez, the group’s organised retail vertical started in 2014, Ahmed said it is looking at a total of 85 outlets of global brands, with 34 of them being Cold Stone, by the end of 2020. In Hyderabad, Tablez plans to launch three more stores by May, he added.
Diverse portfolio
The Tablez brand has a diverse portfolio of speciality retail, food and beverages, fashion, toys, apparel and lifestyle. At present, there are 61 outlets in India, mostly in Kochi, Bengaluru, Mumbai, Chennai, Hyderabad, Pune and Delhi. Of these, 27 are Cold Stone.
The company, which follows the master franchise agreement model, targets revenues of ₹200 crore from Tablez brands by the end of 2020. Plans are on to expand into cosmetics and sports soon.
Head-quartered in Scottsdale, Arizona, Cold Stone, which was launched in 1988, operates in 1,500 locations across 25 countries.
COMMENT NOW