The premium home-store chain of Bombay Stock Exchange-listed moulded furniture company Nilkamal —@home, plans to open nearly 50 stores in all the major cities across India over the next four years.
Manish Parekh, director, @home, said, “ We are planning to reach a turnover of Rs 150 core soon. In the next two to three years, we should reach a turn over of Rs 300 crore.” The chain at present clocks a turnover of around Rs 125 crore and has been growing at the rate of 15 to 20 per cent.
Parekh said the furniture and home décor market is huge comprising both organised and unorganised players. “There is a lot of scope in Rs 70,000 crore home décor and furnishings market, which consists of both organised and unorganised players. The market is expanding rapidly with more young double-income couples opting for furniture and décor from lifestyle stores because it saves both time and money,” he said.
At present, @home has 14 outlets covering an area of 22,000 square feet on an average. “At present, we are funding our expansion though internal accruals but we will be looking at bringing in external funding for further expansion in the future in the form of private equity or foreign partnership” Parekh said. Apart from furniture, @home stores stock furnishings and home accessories that they claim are suitable for Indian requirements. “We are trying to bring in innovations in terms of designs and after-sales services so that the consumers get quality products at competitive pricing,” he said.
The company sources most of its products from China and other Asian countries. “In the future, we plan to integrate our back end and start manufacturing these products ourselves,” he added.
Source: Financial Chronicle
