Jagtiani targets 250 stores as he mulls global prospects

Landmark chairman Micky Jagtianiwantstoopen250 shops, including 50 in India, this financial year.

He will also consider debuting a new department store model, although it is in the early stages of conception. “It could be a Neiman Marcus in the Middle East and North Africa”, he told Retail Week.

Jagtiani is also seeking new franchise agreements and “looking at opportunities to acquire brands”, he revealed.

Speaking for the first time in London, at a conference last week, he said the 250 new stores would create 10 million sq ft of retail space across 10 countries.

The retail group has 12 fascias including Centrepoint, which brings together fashion brands Babyshop, Shoe Mart, Splash and Lifestyle. It also operates value retailer Max, electronics business Emax, homewares retailer Home Centre and Unique, an upmarket furnishings store.

Jagtiani has previously expressed an interest in overseas department store businesses. He partnered with Icelandic investor Baugur to declare a possible joint bid for US department store Saks in October last year.

He has also been linked to a potential takeover of UK department store Debenhams, in which he has a 9 per cent stake.

As well as already operating almost 1,000 stores across the Middle East, India, China and Spain, Jagtiani will add three new markets to Landmark’s portfolio – Egypt, Lebanon and Syria.

Indian-born Jagtiani told delegates at the HGA Group’s Retail in the Emerging and International Markets seminar: “We are trying to buy up companies now that we can take as franchises to the markets.” He declined to name potential targets.

Landmark already franchises brands including Kurt Geiger, New Look, Reiss and Aftershock.

The group’s turnover is in excess of US$3 billion (£1.71 billion). It increased sales 36 per cent and profits 29 per cent in the year to June and is targeting a 40 per cent sales and profits rise this year.