Home and interior decor firm, Hindware Home Retail Ltd, plans to invest Rs 300 crore by next financial as per its expansion plan.
Addressing the media Hindware Home Retail COO Ajay Seth, said, “We will invest up to Rs 300 by next financial year to increase our footprint. We will open company owned and operated mega stores and franchised stores as well". The company, which sells its product under the 'Evok' brand, plans to open 8-10 mega stores (more than 10,000 square feet)and is targeting turnover of Rs 200 crore in FY 15. The company reported turnover of Rs 80 crore in last fiscal. At present, Hindware Home Retail has 18 mega stores and its main business includes living solutions, modular kitchens and wardrobes and entertainment solutions.
In order to push sales from its modular kitchen vertical, the company would open 50 stores in the next three years through franchise models. The brand is focusing on robust retail expansion plans through a ‘Franchisee Model investment’ opportunity in North and South India. The ‘Franchisee Model’, will focus only on Modular Kitchens, a novel and upcoming concept in mini metros as well as potentially lucrative markets, waiting to be tapped. Seth Added