Mumbai-based retail chain The Bombay Store (TBS) is planning to open 40 more stores from the current 14 over the next one year. The brand, popular for its bling and India specific memorabilia, is also actively looking at tapping the overseas market.
The company is looking for partners to set up shops in international locations such as London, Singapore, Dubai and Hong Kong to start with.
"We know the Indian market well enough but don't have a similar expertise for the markets abroad," said Asim Dalal, managing director, The Bombay Store. "TBS is looking to spend around Rs. 20-25 crore to scale up its domestic presence over the next one year. While the company remains debt free as of now, it will look at raising funds or selling stake to a larger retail player."
"At this stage the expansion is internally funded. We are open to raise funds or consider a larger investor who could fit into our long-term vision," said Dalal.
TBS has stores in Mumbai, Pune, Hyderabad, Bengaluru, Goa, Lonavala and Aurangabad. It is looking at adding four more stores in Bengaluru, Hyderabad, Chennai and Cochin.
The Bombay Store, listed on the Bombay Stock Exchange (BSE), did business worth RS. 30 crore, expects a turnover of RS. 42 crore this year and it estimates more than Rs. 100 crore by the end of 2015.