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| Hindware Retail mulls franchise route for expansion |
| Press Trust of India / New Delhi Nov 18, 2011, 18:10 IST |
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Hindware Home Retail Pvt Ltd (HHRPL) that operates home interiors and furnishings stores under the 'Evok' brand is exploring opportunities in other categories as part of an expansion plan.
The company is also soon likely to take franchise and shop-in-shop route for the Evok brand in specialty format stores for faster expansion across India.
"We are exploring opportunities in the non-home retail segments...This is something we are discussing internally. If at all something happens, it will be under an independent vertical," Evok COO DJ Jairath told PTI.
He, however, did not share further details.
HHRPL, a subsidiary of sanitary ware and bathroom fittings maker HSIL, currently operates 15 Evok megastores primarily in North India along with presence in three cities in South India.
"At present all our mega stores are company managed and operated, but going ahead we are considering shop-in-shop specialty formats and franchisee run stores for kitchen and bath categories in the next fiscal," Jairath said.
Meanwhile, HHRPL is increasing the number of company operated Evok megastores nationwide.
"When we had launched the first Evok store in 2008, we had said that by 2014-15 the company will set up 50 megastores stores with an investment of Rs 250 crore and a turnover target of Rs 400 crore. We are in line with our plans," he said.
By the end of the current fiscal, two more megastores will be opened by the company.
HHRPL, currently contributes about 12% to HSIL's annual revenues and is likely to be around 20% by 2014-15, he added.
For the financial year ended March 2011, HSIL had sales of Rs 1,052.22 crore and net Profi of Rs 87.35 crore.
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