Lifestyle home accessories maker Magppie today said it will open 40 exclusive stores across India as part of an expansion plan, with an aim to achieve a turnover of over Rs 400 crore in the next 3-4 years.
The company also plans to set up a new unit to make stainless steel products in addition to its three existing facilities at its factory in Kundli, Haryana.
"We hope to touch a turnover of over Rs 400 crore in the next 3-4 years from the present turnover of Rs 125 crore. Our stainless steel products are doing well. So, we are planning to expand our business by opening around 40 more stores across the country within the next 3-4 years," Magppie Managing Director Vinod Jain said.
He declined to comment on the company's investment plans on opening new stores as well as setting up of the new plant.
Introducing a new range of premium modular kitchen, Jain said Magppie aims to capture a "big share of the estimated Rs 2-lakh crore kitchen furnishings market in India".
Besides strengthening its business in the metros, the company would be opening stores in smaller cities like Jaipur, Chandigarh and Ludhiana.
"However, for our modular kitchen we will concentrate more in the northern region," he said. Magppie has already invested around Rs 45 crore in it.
The company has 10 stores, of which seven are into retailing stainless steel products and three in modular kitchen.
"Currently, only 20 per cent of our turnover is from domestic sales. With the introduction modular kitchen, our aim is to increase it to almost 50 per cent in the next one-and- half years," he said.
The company exports its products to around 40 countries including US, Australia and European nations.
