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<p>Representative Image</p>
Representative Image

Kolkata: RPSG group retail venture Spencer’s Retail is still in talks with interested parties for a stake sale. “We shall take a call on this at an appropriate time,” Spencer’s chairman Shashwat Goenka told TOI.

RPSG has a 58.8% stake in Spencer’s Retail. The company has reported a revenue of Rs 2,180 crore in 2022-23.

Sanjiv Goenka’s son had earlier said in an interview that such a deal would be to raise funds and gain knowledge on best practices which would ultimately help consumers.

We took some hard decisions to improve profitability through closure of loss making stores in Q2: Shashwat Goenka, chairman, Spencer’s Retail

Spencer’s Retail has reported a 30 per cent rise in year-on-year consolidated net loss at Rs 70.12 crore in Q2 FY24 as against a loss of Rs 53.78 crore in Q2 FY23, according to a regulatory filing. Also, it saw a decline in its total income at Rs 577.10 crore in Q2 FY24 as against Rs 654.35 crore in the same period of the last fiscal.

Spencer’s competes against the likes of Reliance Retail, Amazon-backed More Retail and e-grocer Big Basket. Reliance, Amazon and even Walmart-owned Flipkart are now trying to rope in kiranas for last-mile delivery. Goenka said that Spencer’s is exploring options to partner with Kiranas. “It could be last-mile delivery or selling of private brands,” he said.

Read also:
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  • Published On Nov 25, 2023 at 03:38 PM IST

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