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Godrej Interio to add 75 stores heading towards $US300m turnover

Wednesday 19 June 2013

Godrej Interio, the furniture arm of Godrej and Boyce, wants to open large-format stores of the 7,000 sq ft range and add 75 stores across tier II and III cities in India to reach a turnover of Rs 1,800 crore ($US300m) by 2013.

Anil S Mathur, chief operating officer of Godrej Interio, told Financial Chronicle that the company planned to invest around Rs 300 crore to expand its manufacturing capacity and retail stores. “We will increase our store size from 2,000 to 7,000 square feet to give the consumer a better experience and increase retail penetration across the country,” Mathur said. As of now, Godrej Interio has 49 exclusive stores.

The company wants to become a solution provider rather than a product provider. It plans to partner global brands and bring them to India, which could involve local manufacturing exports and co-branding of the products. The company is also in talks with Italian firms beyond its existing partnerships with a US and a Japanese brand.

Mathur said there was slowdown in the market and hence consumers were looking for value proposition. The company is also looking for more manufacturing units in the east. The eastern region accounts for nearly 29 per cent of its sales. “To set up unit in the east, we require at least 20 acres of land with a minimum investment of around Rs 100 crore. The location is yet to be finalised,” he said.

The company has launched ‘Reason’, a premium range of office furniture, with Roger Carr, an international designer from Radar Design Studio, UK. “The starting price is around Rs 40,000. The core idea is to keep pace with the Indian market that is moving today at a dramatic pace. The brand intends to be in pace with Indian consumers who have huge aspirations and demands both in terms of functionality and aesthetics, like any other discerning consumer across the world,” Mathur added.

The company aims to achieve 26% growth in sales this year. It has tied up with Bajaj Finance and ICICI Bank to facilitate EMI-based purchases of its products.

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