Home interior retailer Rosebys the subsidairy of diversified group GHCL on Thursday kicked off its retail operations in the country
CHANDIGARH: Home interior retailer Rosebys the subsidairy of diversified group GHCL on Thursday kicked off its retail operations in the country with the opening of six stores in Chandigarh, Punjab and Haryana.
The company plans to open 150 stores across the country by the end of 2008-09 eyeing a turnover of Rs 400 crore in the Rs 5,000 crore organized home decor industry in the next three years.
The company opened four stores in Chandigarh, Mohali and Panchkula (Haryana) and two in Ludhiana.
"After opening these stores, we will be opening new stores in West Bengal, Andhra Pradesh and Karnataka," Rosebys Interiors India Limited Director Nikhil Sen said here.
The plan is to open 30 stores in each state in a bid to penetrate our presence, he added.
"Home furnishing and decor market in India is largely dominated by unorganized players. We wish to bridge the gap between luxury and low end market present in this segment," said company CEO Alok Banerjee.
Since all the stores would be opened on franchise model, the company would be spending only on brand building exercise for which it has earmarked Rs 150 crore.
"The funding will be done through internal accruals, debts and private equity," he said.
Operating in the premium affordable luxury segment, the company's stores would offer combinations of home adornments, including bed linen, and soft furnishings and other accessories, he said.
Post expansion, the company would also evaluate options to open stores in neighbouring countries such as Hong Kong, Singapore and Thailand, said Sen.
Facing high rental cost of operating its stores in UK, the company now plans to initiate restructuring exercise in its stores here. "We are now looking at to implement franchise route as we are following in India, in UK as well in some of our stores," said Banerjee.
Rosebys has 320 stores in UK.
GHCL (Gujarat Heavy Chemicals Ltd) Ltd, a Gujarat-based maker of soda ash and textiles, had acquired London based Rosebys brand for USD 40 million in 2006.
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