VISAKHAPATNAM : Home shopping platform Shop CJ is planning to invest about `150 crore in India during the current fiscal to expand its distribution network and improve the customer base. The company, which is backed by the domain leadership of Korea-based CJO Shopping, is targeting an increase in its turnover to `1,100 crore, by 30 per cent, during the financial year by expanding its distribution network to more Indian cities.
The company is also planning to open more regional television channels to expand its existing customer base of seven crore households. During the last fiscal, it reported `850-crore sales. It has warehouses at Gurgaon, Mumbai and Bangalore, with plans to open a new warehouse in eastern India.
“By end-December, we plan to launch our regional channels in Telugu, Tamil and Kannada to strengthen our customer base,” Shop CJ Network CEO Kenny Shin told newsmen here Monday. He was here along with the Korean delegation led by its Ambassador in India Joongyu Lee.
Formerly known as Star CJ, the company changed its name to Shop CJ after the exit of broadcast major Star from the joint venture. Currently, it is under equal partnership of Providence Equity Partners and CJO Shopping.
Despite the upward trend in e-commerce, Kenny Shin is confident of increasing sales as the company has differentiated offerings that can compete with e-commerce giants like Amazon and Flipkart. He pointed out that the company has its presence on television which has greater reach than Internet besides the presence on e-shopping platforms on the Internet and on mobile apps. A substantial portion of Shop CJ’s sales come from technology products such as laptops, mobile phones, printers, followed by women-centric products like fashion garments, beauty products and jewellery.