Entertainment, media and communications company Percept Ltd has joined hands with Future Group to form a 50-50 JV Bollywood Retail. Percept had earlier set up Bollywood Corporation Pvt Ltd to create and own IPR assets in the Bollywood domain. It aims to provide the complete Bollywood experience, including Bollywood cafes, walk throughs, Hall of Fame, Bollywood museums, Bollywood theme park, merchandising and a host of other experiential offerings for visitors.
Bollywood Retail would focus on providing the Bollywood experience and Bollywood merchandise within the Future Group’s retail network. The JV would independently source Bollywood IPR and software from Percept’s Bollywood Corporation and use retail infrastructure from the Future Group.
The JV would entail an initial capital outlay of Rs 50 crore and open 8-10 locations such as Hyderabad, Ahmedabad, Kolkata, Bangalore, Indore, Jaipur, Pune, Delhi and Mumbai, in the first phase.
The first Bollywood experience centre is expected to be up and running by the fourth quarter of 2008. Kishore Biyani, Group CEO, Future Group, said, “Bollywood is one of the biggest entertainment phenomenons that rules India – it transcends age, gender, geographical and cultural barriers, but yet binds the entire populace together. For many, Bollywood is an experience in itself, which they aspire to get close to and we will give the audiences an opportunity to do so. Through this partnership with Percept, we hope to bring a unique touch and feel of the Bollywood experience to the consumer.”
Shailendra Singh, Joint Managing Director, Percept Ltd, said, “Bollywood Merchandising is just the first of many things to result from this partnership. The international market has been exposed to the concept of merchandising and is a much more mature market than India. The domestic market is still nascent, but I am sure that in due course, the concept of merchandising will be lapped up by the consumers in a big way. The target audience has clearly been demarcated and while we will cater to both international and domestic markets, we will look at a 70:30 ratio in terms of target marketing. We will use Future Group’s expertise in the Retail business to market and leverage Bollywood Merchandising.”