Eros eyeing AED2 billion from electronics sales
Hitachi distributor claims it is on course to surpass revenue landmark
Retail supplier Eros Group believes its target of generating AED2 billion (US$544m) in sales this year is achievable if forthcoming plans to open a series of new outlets come to fruition.
Eros serves as the regional distributor for electronics giant Hitachi. It also sells a host of other brands through its retail chains, including Samsung, Hitachi, Taurus and Lennox.
Deepak Babani, CEO at Eros Group, says the company has been eyeing the AED2 billion milestone for some time, adding that achieving the target depends on its ability to get closer to customers by expanding its retail operations.
"We intend to open three to five outlets in UAE and have already opened a new warehouse in Abu Dhabi to address the growing consumer demands in the Emirate," said Babani. "Regionally, we are setting up branch offices in Qatar, Bahrain and Oman."
If Eros is able to meet its sales objectives then it would represent 25% growth on the AED1.6 billion (US$435m) turnover that it claims to have made last year.
The company can certainly expect its main vendor partners to push it hard as it sets about accomplishing its quest. Earlier this month, Hitachi's management in the region revealed that their aggressive expansion plans for the Gulf include achieving growth of 50% during the next three years.
Eros Group now oversees 28 retail outlets in the UAE after launching its latest showroom in the recently-opened Mirdiff City Centre mall.