Delhi-based exporter of furniture and home decor Evergreen International today announced its foray into the retail segment through a wholly-owned subsidiary, Westwood Lifestyles.
Evergreen International, which clocked a turnover of Rs 250 crore last fiscal, said it will invest Rs 12 crore to open four stores, the first of which was opened here today.
"We are venturing into retail through Westwood Lifestyle with an objective to offer high quality furniture and other home furnishing items to the mid and mid-upper segment," Westwood Managing Director Armaan Siddiqui told PTI.
After the first store in the capital, the company plans to set up another three stores, including two in the National Capital Region and one in Ludhiana by early next year.
Of the four stores planned, two would be company owned and operated and the rest will be company owned but franchisee operated, he added.
Siddique, however, did not disclose the long-term investment plan, saying that the company will take a call after the response from customers.
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"We have a plan to stay for a long time in the retail market for which we are looking to grow organically. Our aim is to become a one-stop platform for home solution," he said.
When asked about the funding of its investments, Siddique said the company is in talks with private equity firms for its long-term growth plan, but did not elaborate.
"Once we find our seat in the market, we will open a large number of stores for which might go in for private equity investment," he added.
Besides selling Westwood brand products at the store, the company is also introducing five international brands, including Bach & Flitzroy and Sfero, for a range of products such as lamps, carpets and home furnishing.
Evergreen International is involved in manufacturing, exporting, importing and wholesaling of a wide variety of home furnishing items and exporting to countries like US, Canada, UK, Japan, Europe, Australia, Africa and India.