| 28 Mar 2010 |
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Eros Eyeing Dh2b Sales in 2010
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DUBAI - Eros GroupEros Group
looks set to achieve its Dh2 billion sales target this year as continued advancement in electronics and telecoms products will attract more people for buying at comparatively lower rates, its top executive said. The 40-year old group, which mainly deals in electronics, telecoms and digital products, said new products in the pipeline will boost its sales by 25 per cent this year and the recession will have no more affect on electronics and home appliances' business.
"We are confident to achieve the Dh2 billion sales target as the demand for consumer electronics, mobile phones and innovative IT products persists," Deepak Babani, Chief Executive Officer of Eros GroupEros Group, told Khaleej Times.
In an exclusive interview after inaugurating 28th lifestyle digital store at Mirdif City Centre last week, he said his group plans to open up to five new outlets in the UAE and branch offices in Qatar, Bahrain and Oman.
"The group has made over Dh350 million investment in the UAE. We will invest another Dh6 million on infrastructure in 2010 to expand the group's retail operations in the country," he said.
He said ErosEros
recorded a 15 per cent sales growth last year by achieving its Dh1.6 billion target despite the tough economic conditions in the wake of global financial crisis. He said 2009 was the most difficult year, but the group still managed to post a modest sales growth due to persistent demand for consumer goods.DSF Sales In reply to a question on Dubai Shopping Festival's impact on first-quarter sales he said DSF has always been good for Eros GroupEros Group and its brands.
"DSF sales have been higher by about 25 per cent and give us confidence to achieve the Dh2 billion target in 2010," he said.
DSF visitors from outside the UAE were attracted due to competitive pricing and good bundle offers on products such as mobile phones, smartphones, laptops, MP3 players, digital photo frames, and small kitchen appliances. Moreover, LCD and LED televisions on a very competitive prices also gave boost to electronics sales during the one-month long shopping bonanza last month.
Eros GroupEros Group, part of the Badri Group of Companies, is one of the leading distributors and retailers in consumer electronics, digital products, home appliances, telecom, air-conditioning and allied multi products in the Middle East region. It is the sole distributor for leading brands like Samsung, Hitachi, Taurus and Lennox.
Babani is upbeat about the future of UAE's electronics sector and said it will grow by 15 to 20 per cent this year due to increasing demand and fall in prices this year.
"We expect the electronics prices will drop by five to 10 per cent in 2010," he said adding that the home appliances market will also see five to 10 per cent sales growth in 2010 as its demand is expected to increase with stable prices.
"Home appliances' prices held on in 2009 after constantly increasing for the last two to three years due to costly raw material, but the rates are likely to hold on this year," he said.
He said the UAE electronics sector defied the global recession by reacting positively to face the challenge of economic downturn. He said upcoming products in electronics and telecom sector will further boost the businesses by phasing out the 3D products from the market this year.
"LED televisions, smart phones and a wide range of IT products are set to make inroads into the market and will attract more people and boost the sales this year," he said.
Babani said Eros GroupEros Group would continue to expand its operations across the country to strengthen its position in the retail sector.
"We are looking forward to expand our portfolio in the UAE. The launch of the 28th store is testimony to ErosEros' continued support to Dubai's retail industry, and its contribution towards economic growth in the emirate."
The group has its own retail outlets and showrooms in Dubai, Abu Dhabi, Sharjah, Fujairah and Ras Al Khaimah. It also plans to expand their distribution network into East Africa and parts of the GCC.
"We aim to provide tehno-savy customers the ultimate shopping experience that combines convenience and service with quality. The opening of new stores demonstrates our commitment to move closer to our customers and become the technology destination of choice for them," he said.
New Future, New IdentityBabani said the Eros GroupEros Group has unveiled its new corporate slogan and a new brand identity.
"Eros GroupEros Group welcomed the new year with a new corporate slogan -- follow the future. Its a simple line which not only recognises the efforts put in over the past four decades to build Eros GroupEros Group, but also identifies the exciting opportunities for the next four decades."
Eros GroupEros Group is eyeing the number one position in marketing and retailing of consumer electronics by 2015.
"The new identity has a strong connect with our past, but is represented in a new way to suggest our approach towards the future," Babani said.
By Muzaffar Rizvi
© Khaleej Times 2010
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