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Rosebys plans to invest Rs 150 cr for expansion

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BS Reporter Chennai/ Bangalore

Rosebys Interiors India Ltd, home decor and lifestyle products company which started operations a month ago, is planning to invest Rs 150 crore to expand its retail store network to 240 stores from the present 16 in the next one year.

Aloke Banerjee, CEO, Rosebys said, “We are on the growth trajectory. To meet the fund requirements for our expansion we have raised money from PE funds and are set to open 240 stores in the next one year across the country.”

He said the company wants to tap the huge market for the home decor and lifestyle products which is pegged at Rs 10,000 crore which is growing at 30 per cent annually. The company is targeting a turnover of Rs 250 crore in its first year of operations assuming that it completes the expansion of 240 stores, he told reporters after launching their four stores, here today.

 

Having forayed into the country after being bought by Gujarat Heavy Chemicals Limited (GHCL), UK-based leading home furnishings and adornments retail chain Rosebys will be launching atleast 20 stores in Karnataka in the next 12 months. In Karnataka, it plans to open stores in tier-2 cities like Mysore, Mangalore, Hubli, Belgaum, Davanagere and Bellary.

The company, which started its operations last month with 12 stores in Punjab, Gujarat, West Bengal, Uttaranchal, today opened four stores in Bangalore. It plans to open 7 outlets in Hyderabad next month and later expand in Tamil Nadu and Kerala, said Nikhil Sen, director, Rosebys India Interior Limited.

The company has signed Soha Ali Khan, Bollywood actress, as the brand ambassador for Rosebys.

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First Published: Dec 25 2008 | 12:00 AM IST

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