Hindustan Sanitaryware and Industries Ltd plans to invest Rs 250 crore and open 50 stores across the country over the next five years to retail home interiors, a senior company official said on Wednesday.
Hindustan Sanitaryware's foray into home interiors business comes at a time when the US$9 billion industry is growing between 15 per cent and 20 per cent annually, driven by a briskly expanding broader economy.
The company, which makes the popular Hindware brand of sanitary fittings, has set up a subsidiary to carry out the new business, Sandip Somany, Joint Managing Director at the parent company said. Hindware Home Retail Pvt Ltd, the subsidiary, will open its first store in Faridabad next month, Somany said.
The stores, brand-named Evok, will likely emulate the US-based home furnishings retailer, Pottery Barn, and showcase bath, kitchen and home furnishings products and accessories, all under one roof, Somany said. The company plans to open stores in Tier II and III cities soon.
The pan-India retail footprint will total up to 1.2 million sq ft with a target revenue of Rs 400 crores over the next five years, Somany said.
"Today, consumers aspire to live in comfort and the objective of Evok is to be the first choice for those looking for value for style in the home interiors segment," he said.