The Hindu : Business : Hindustan Sanitaryware enters organised retailing

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Thursday, Jan 17, 2008
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Hindustan Sanitaryware enters organised retailing

Special Correspondent

NEW DELHI: Hindustan Sanitaryware and Industries on Wednesday unfolded it plans to enter the organised retail sector by investing Rs. 250 crore over the next five years to set up 50 stores. The business will be handled by Hindware Home Retail Pvt. Ltd. (HHRL) which has been incorporated as a subsidiary to enter the home interiors speciality business with a new brand — EVOK.

“The home interior solutions market is estimated at $9 billion with an annual growth forecast of 15-20 per cent. To tap this market, we plan to open 50 large formats over the next five years with an investment of Rs. 250 crore,” HHRL Vice-President and Business Head, D. K. Jairath, said during a media meet.

First store in February

It plans to 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.

The first store will be opened at Faridabad in the National Capital Region in February. “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 Rs. 400 crore in the next five years,” he said. Dwelling on the long-term plans, he said the company planned 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.

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