Jai Banerjee Forays Into Own Retail Space

Online, August 13, 2013 (Newswire.com) - Jai Banerjee, one of the India's most admired retail expert will foray into the retail space with his own venture called Sconto Retail Private Limited. Sconto will initiate its business operations from the north east region of India, primarily from the Kolkata, Guwahati and Assam.

Crescenthum Business Partners is the sole advisor to this transaction.

Sconto which means "Discount" in Italian will deal into several consumer goods with a logical product mix comprising of affordable and luxury goods. The first store will be opened in the month of December and will target young shoppers of India. The e-commerce version of the retail venture is also on charts and is being analyzed by the management.

Jai Banerjee said "We are excited about our new venture, the retail in India is highly misunderstood as buying cheap and selling at the higher prices. We at Sconto will add value to the Indian retail by providing a new shopping experience to the consumer. The young generation of India now possess larger allocation of money for buying products of their choice. They have money but they are choosy and they rely on the known brands or the high quality and better marketed products. The question is why any retailer should sell low quality goods when the consumer on the other end is ready to pay for a better product?"

Sconto will open 10 stores by the end of 2014 and may be backed by Exhilway private equity fund. The talks are reportedly on an advanced stage and Crescenthum team is working on the modalities of the investment.

"Jai is a passionate retail expert. Retail is all about passing passion to the consumers, the better you can excite them more you can convince them to buy. Sconto will can grow leap and bounds, we expect them to touch a market cap of US $200 million or INR 1,000 crore by the 2017. We are talking to Mr.Banerjee and his team and we expect to close the deal soon,"said Rahul Sahay, Director of Investments at Exhilway Private Capital Market, India.