Metavisio-Thomson to buy stake in New Shop after $150 million deal

17 Sep 2024 CW Team

The Indian unit of French consumer technology company Metavisio-Thomson, known for selling affordable TVs, notebook computers, and tablets under the Thomson brand, is acquiring a minority stake in the convenience retail chain New Shop. This move follows a strategic distribution deal between Metavisio-Thomson and New Shop, aimed at jointly establishing 120 flagship stores in India's tier-2 and tier-3 markets.

The deal, valued between $125 million and $150 million, is part of Metavisio-Thomson's broader push into India's rapidly growing hinterland markets. Last week, when the distribution deal was announced, Metavisio-Thomson hinted at major upcoming announcements. The partnership will see New Shop retail Thomson products across 35 cities in 18 states.

New Shop is also in the process of acquiring the 24Seven grocery and convenience retail chain, previously owned by Godfrey Phillips. This acquisition follows Godfrey Phillips' exit from the retail business last month, which involved 90 full-format outlets and 40 kiosks of 24Seven. Founded in 2019 by Aastha and Charak Almast with Mani Dev Gyawali, New Shop operates 160 stores across 35 cities, offering grocery staples, snacks, personal care, pet food, hygiene products, and over-the-counter medicines.

Aastha Almast, Co-founder and CEO, New Shop, declined to comment on Metavisio-Thomson's stake acquisition. However, she highlighted the partnership's impact, stating, "We are serving 3 million customers monthly, and this partnership expands both our product portfolio and presence."

The partnership aims to reach 2,000 points of sale within three years, with the first retail store openings slated for October. The distribution deal will ensure that all acquired stores sell grocery items and Thomson's notebooks, televisions, and tablets. (ET)

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