The Hindu : Business : Style SPA's expansion plans

Online edition of India's National Newspaper
Thursday, Jul 15, 2004

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Business

Style SPA's expansion plans

By Our Staff Correspondent

CHENNAI, JULY 14. Style SPA Furniture Ltd, earlier known by the Gautier brand name, planned to open 15 more retail stores in smaller cities and big towns. The new stores would be opened in Hubli, Belgaum, Kannur, Rajkot, Nashik, Aurangabad, Patna, Udaipur, Lucknow and Kanpur. Additional stores were being opened in Delhi, Kolkata and Ahmedabad. The company recently opened stores in Jammu and Dehra Dun, said Arim Mahajan, Managing Director, while addressing a press conference.

Mr. Mahajan said the company would soon launch large format stores and would be introducing wooden furniture with vineer finish. The company would soon enter into SAARC nations. It was planning to set up its first two outlets in Colombo in the next six months.

After the association with Gautier came to an end, Style SPA had repositioned itself to market a range of products. The company imported products, mainly living room and dining room furniture, from Italy, China and Malaysia, said K. A. Parameswaran, General Manager (Marketing and Sales). It has a factory at Kakkalur near Chennai where it was making mostly bedroom furniture.

It may be recalled Zurari Investments has infused Rs. 12 crores as additional equity in Style SPA in June by way of a rights issue. The proceeds of the issue will be used to clear the Rs. 6 crore debt raised from IL&FS and inter corporate companies. The balance amount will be spent for expansion plans.

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