New Delhi: Italian premium leather upholstery player Natuzzi Spa said on Friday it will enter the Indian market by June-July with plans to emerge as a leading player in the estimated $9.4 billion furnishing industry in the country.
The company said it will open its first two flagship outlets in Delhi and Mumbai, and has set a target of opening 70 points of sale across the country by end of 2012.
“We will introduce both our brands -- Natuzzi and Italsofa -- in the country and our aim is to have 70 points of sales across India of the two brands together by 2012. We will explore multiple formats like flagship stores, mono-brand smaller outlets and galleries in form of shop-in-shops,” Natuzzi country manager India Nitin Bahl told PTI.
He said the company will enter the Indian market through the franchise route and investments will be made primarily by individual franchise operators.
“Our target is the 12-lakh Indian households with an annual income of over Rs10 lakh. While the Natuzzi brand will be for the major metros, Italsofa will also target Tier I cities like Pune and Chandigarh,” Bahl said.
He said the company is looking to clock a revenue of at least 25 million Euro (around Rs162 crore) from the Indian operations by 2012.
The USD one billion firm is one of the few furnishing companies listed on the New York Stock Exchange. It currently has over 350 galleries and flagship stores in 123 countries.