Mahindras move to luxury retail

Telegraph India is reporting that the Rs 18,000 crore Mahindra group is entering the retail business, under the Mahindra Retail brand.

Raghunath Murti, executive vice-chairman of Mahindra Intertrade, said, "The group believes that this is the opportune time to extend its business to direct retailing, when the organised retail market is expanding in India."

Mahindra Retail is planning multiformat stores for luxury lifestyle products, mainly in soft goods. The stores will open within a year and the company will sell private labels and international brands.