The company rolled out its first Indian flagship store in Delhi last year.
Currently, its business is primarily focused in the Gulf region, and is planning to launch in North Africa and Egypt soon. It is expected to enter the London market sometime next year.
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“We will witness huge growth in the Indian market. Young people have aspirations with disposable income," said Khurshid Vakil, co-founder and executive director, Marina Home. He added that everything will soon be lifestyle driven.This is the transformation phase of middle class to upper middle class,” Vakil said.
Currently, there are about 26 million homes across India under construction at a price of Rs 1 crore and above, according to a study. That, according to Vakil, offers branded home lifestyle firms a big opportunity
The company wants to invest over Rs 400 crore to set up its large format retail stores in India. This investment will be spread over a period of 5 years and cover major cities and towns with the launch of 50 stores. The company is likely to announce its entry into Chandigarh and Noida soon.
It is also talking to developers/hospitality chains for a possible partnership in the upcoming projects. Currently, the focus is on NCR and it expects to bag two to three such deals in 2013-14.
The company wants to look at both business to business as well as business to consumer segments in India. It provides a range of home interiors including living room accessories, lighting fixtures and fabrics, along with in-house design services to its retail customers.
Asked about funding for expansion, Vakil said the Indian business will be self-sufficient, and that the company won’t have to invest any further after the initial grounding which will be done from internal accruals.
Marina will have company-owned as well as franchisee stores across India.