@home @Coimbatore soon
Plastic moulded furniture major Nilkamal Ltd, which entered retail with its @home brand of lifestyle stores two years ago, expects a Rs 70-crore turnover from its retail business by March 2008.It expects the business to contribute over Rs 350 crore by 2010. The group turnover is expected to touch Rs 750 crore by the end of the financial year. Manish V. Parekh, Director, Nilkamal, told Business Line that the company aims to have 38 stores operating by 2010. The Chennai outlet of @home is being opened on Saturday. It is the ninth outlet, the earlier eight spread across Mumbai, Pune, Bangalore, Hyderabad, Nasik and Ahmedabad.By March next, 16 stores would be open, he said, adding that the company had firmed up launches in Coimbatore, Ghaziabad, Faridabad, Surat, Vadodara, Thane and one more in Pune.
The Chennai outlet is the largest so far, spanning 33,000 sq. ft. Nilkamal has spent Rs 50 crore on the retail business and will invest Rs 75 crore more in the next three years. The funding is a mix of internal accruals and loans, Parekh said. On an average, Rs 2.5-3 crore is being spent on setting up each store, including the deposit, inventory and interiors.
