New Delhi: Hindustan Sanitaryware & Industries Ltd said on 16 January that it plans to enter the organised retail sector and invest Rs250 crore over the next five years to set up 50 stores across the country.
The company has incorporated Hindware Home Retail Pvt Ltd (HHRL) as a subsidiary to enter into the home interiors speciality business with a new brand - EVOK.
“The home interior solutions market is estimated at nine billion dollar with annual growth forecast of 15-20%. To tap this market, we plan to open 50 large formats over the next five years with an investment of Rs250 crore,” D K Jairath, HHRL vice-president and business head, told reporters here.
The company would open a chain of speciality stores with three different formats - living, kitchen and bath domains- across 25 Tier I and Tier II cities targeting middle and mid-upper segment of the society. The size of the stores would vary from 8,000 sq ft to 30,000 sq ft.
HHRL would open the first store at Faridabad in the national capital region in February, Jairath said.
The stores’ population will eventually be scaled up to a pan-India retail footprint of 1.2 million sq ft with a target revenue of Rs400 crore in the next five years,” he said.
Jairath added the company plans to have about 100-120 stores in the next eight years. The EVOK stores would showcase contemporary furnitures and furnishings, bath products, modular kitchens, flooring, lighting and lifestyle home accessories.