Godrej & Boyce Mfg Co Ltd plans to open 50 more stores of its retail brand, Lifespace, in different cities across India to reach a turnover target of Rs 4.5 billion in the next three years.
The company will invest Rs 1 billion to set up the new retail outlets, including some in tier-II and tier-III cities.
Launching the 49th Lifespace store in Hyderabad on Monday, Shyam Motwani, vice president and business head, Godrej & Boyce Mfg Co Ltd retailing division, told reporters that 15 to 20 new stores would be set up during 2007-08.
Lifespace was launched three years ago and has presence in 25 cities. The revenues, which were Rs 1 billion during 2006-07, will touch Rs 1.5 billion during the current fiscal.
Motwani said they also plan to open Lifespace stores in the Middle East, Sri Lanka and Nepal in the next two-three years.
Telugu film actress Kamalini Mukherjee was present at the inauguration of the store in Hitec City, Madhapur. This is the third store in Hyderabad, and also the largest revenue earner for the company. Motwani said two more stores would come up here this year.
Godrej Lifespace has launched an online shopping portal www.godrejlifespace.com which helps customers take a look at the entire range of products and place an order from anywhere in the world. The portal offers a secure payment gateway.
"This is an excellent facility for NRIs and foreigners who would like to gift a Godrej home or office product to their friends or relatives in India on various occasions," said Motwani.
Godrej Lifespace store offers a wide range of contemporary and stylish Godrej home and office furniture, home appliances, locks and security systems, along with other home accessories and lifestyle oriented products.