Mumbai: Percept has inked a 50-50 joint venture with Future Group for Bollywood Retail.
Percept had earlier set up Bollywood Corporation Private Limited, to create and own IPR assets in the Bollywood domain. It aimed 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 the visitors.
Bollywood Retail will focus on providing the Bollywood Experience and Bollywood Merchandizing within the Future Group’s retail network. The JV will independently source Bollywood IPR and Software from Percept’s Bollywood Corporation and use retail infrastructure from the Future Group.
The JV will entail an initial capital outlay of Rs. 50 crores and open eight locations in the first phase – Hyderabad, Ahmedabad, Kolkata, Bangalore, Indore, Jaipur, Pune, Delhi and Mumbai.
Said Future Group CEO Kishore Biyani, "Bollywood is an experience in itself which people 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."
Said Percept Limited joint managing director Shailendra Singh, "Bollywood merchandize is just the first of many things to result from this partnership. The target audience has clearly been demarcated and while we will cater to both international and domestic markets, we will look at 70:30 ratios in terms of target marketing. We will use Future Group’s expertise in the Retail business to market and leverage Bollywood Merchandizing".