Godrej Interio, the furniture arm of Godrej & Boyce Mfg Co. Ltd, will open nine stores of India Circus, the home store run by designer Krsnaa Mehta. The partnership between Krsna Mehta and Godrej Interio is at a matrix of 49:51. The brand will spend Rs 8-10 crore in setting up the stores in nine more cities in high street shopping areas.
“We work on the strategy of fast fashion where we update our stocks in every three months and sometimes we introduce a new product every week. We have a very smart approach to our production and sales. We do not tend to over produce. We remain to be inspired by India as a country and will remain the USP of our brand. We are trying to increase our offline presence for a rapid growth. Our new stores are our destiny,” says Krsna Mehta, design entrepreneur & visionary, India Circus.
Known for home decor design products, India Circus is targeting an 8X jump in its topline over the next three years with an aggressive offline and B2B expansion strategy. The brand – in short – has decided to go Omnichannel to increase footfalls, much like rival Chumbak.
“We decided that pure online or pure offline won’t work for India Circus. For a brand like ours, an Omnichannel strategy is the best,” said Chief Operating Officer, Godrej Interio, Anil Mathur.
“India Circus had been an online store till it joined hands with Godrej around two years ago. It is then that we sat down with the management and decided on whether they should concentrate only online or should they move forward into the B2B and B2C space as well. With the help of retail mapping, we figured we should be present in online space, with multi brand outlets, and large format stores. We are looking at airport space not just in India but also in Dubai and London,” he stated.
The brand opened its first physical outlet in Mumbai in April 2017 in Kala Ghoda. It has recently opened a second one in High Street Phoenix, Mumbai, which is around 1100 sq. ft.
“We are looking ahead to open nine more EBOs store by the end of this financial year including in Bengaluru, Chennai, Delhi, Kolkatta and Pune,” said Mathur.
The brand is also exploring opening shop-in-shops in 55 Godrej Interio outlets, which will guarantee it a fairly good reach in the offline space. To complete the Omnichannel circle, India Circus is also looking to sell its products on e-marketplaces like Amazon and Snapdeal.
“We have also decided to venture into corporate gifting as well as render design capabilities to companies looking for something different. We have signed up for design licensing with Clay Craft, and have also signed up with Future Group. There are other partnerships in the pipeline as well,” he adds.
“As of now, we generate around Rs 15 crore revenue. However, with this robust expansion plan, we hope to hit a figure of Rs 100 crore in the next three to four years,” says.
The brand starts with an offering for their products from anywhere between Rs 200 and goes up to Rs 6000.
Its customers range from 18 years to 70 years of age and demographically, the brand is well liked by consumers of all income groups – those with very high net worth as well as those who have just started their careers.
The common factor between these customers is a taste for fusion between Indian sensibilities and contemporary design trends.