Videocon's NEXT Retail buys Planet M

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The consumer electronics retailing arm of Videocon Industries has acquired Planet M, the music and entertainment retail chain reportedly for Rs 200 crore with an aim to leverage the brand to tap the young generation.

The company also aims to clock a turnover of Rs 2,000 crore by the next year.

"Planet M enjoys a very good brand equity specially with youth and we have acquired it to utilise the same," NEXT Retail India CEO Dhruva Chandran told PTI.

He said after the acquisition, NEXT would add new categories to Planet M stores like consumer electronics.

NEXT, which has bought 100 per cent equity in Planet M from media house Bennett, Coleman & Co, plans to open 500 stores in next 18 months entailing an investment of Rs 1,000 crore.

Currently, Planet M has 150 stores across 42 cities with a major portion of the turnover coming from the music and home entertainment business. The retain chain also sells iPod and console games like Microsoft's X box.

NEXT currently has around 450 outlets in 180 cities across the country offering an entire range of consumer durables from AC, LCD and plasma TVs, home theatre systems to home appliances.