The company would open 18 stores in seven major cities Delhi-NCR, Mumbai, Kolkata, Pune, Hyderabad, Chandigarh and Bengaluru in the next three years.
Godrej group firm Godrej & Boyce is eyeing sales of Rs 320 crore from its mid-premium home furniture and decor brand Script by FY 2020 as it expands its sales network, a top company official said Thursday.
The company would open 18 stores in seven major cities Delhi-NCR, Mumbai, Kolkata, Pune, Hyderabad, Chandigarh and Bengaluru in the next three years.
It would also invest around Rs 50 crore per annum in the coming years Rs 20 crore on expansion and Rs 30 crore for branding and marketing expenses.
"We are expecting sales of Rs 320 crore from Script by FY2020," Script Business Head Rajat Mathur said.
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As part of its expansion, Script would open five stores in Delhi-NCR in the next three years as the company is expecting the region to be a major market.
"With all five stores in the Delhi NCR region, we are expecting sales of over Rs 60 crore in next three years," he said, adding that the company opened its first store in Delhi Thursday at Kirti Nagar.
It plans to open another at Defence Colony by the end of this year. Besides the traditional brick and mortar format, Godrej & Boyce is looking to tap the online channel.
"Presently, our around 20 percent customers are digitally influenced," Mathur said. In the brick and mortar space, the Godrej group firm also plans to experiment with small format stores (1,500-2,000 sq feet) where customers would be assisted through hand-held digital devices.
Presently, all Script stores are large format outlets. As per its strategy, the company is looking to cater to the mid-premium segment which is estimated to be an around Rs 20,000 crore market.
According to Mathur, the Indian furniture market is estimated to be around Rs 50,000 crore, in which around 60 percent is home furniture.