News Flash

myG sets target to achieve Rs 1,000 crore turnover

KOCHI: The kerala based digital retail chain myG, is targeting I 1,000-crore turnover by the end of the current fiscal year. To achieve the target, myG will be starting 25 more outlets to its existing 75 showrooms in Kerala. Starting in 2006, myG has invested around I750 crores in the retail business. “We will launch our new outlet at Pottammal in Kozhikode.

The four-storied showroom with a space of 12,000 sq ft is the largest one in India. Our short-term target is to start 100 outlets in Kerala. Currently, every 1 in 5 mobile phones sold in Kerala is from any of myG outlet. We have over 50 lakh customers now,” said A K Shaji, chairman and managing director, myG. Similarly, myG has started research and development activities to enter into manufacturing of mobile and Televisions. The products are likely to be launched by 2021.

The company will also start an institute where technicians to repair and maintain mobile phones will be trained. The institute will be based in Kozhikode. “Currently, we are placed among the 10th best retail chain in India. Our target is to make a place among the top three retail chains in India. Before 2025, we will expand to all states in the country and GCC countries,” Shaji said.Kerala has one of the highest smartphone penetration rates in the country with 65 out of every 100 buyers preferring a smartphone. “Of the total sales of 2 lakh units sold in a month in the state, myG’s share is 40,000,’’ he said.

Among his future plans are a foray into manufacturing mobile phones and other gadgets under myG brand. Shaji said he has already begun work on this with a research and development team having experience of working in leading multinational brands.