@home stores, the brand of lifestyle stores, and fully owned subsidiary of Nilkamal Ltd, is expecting Rs 70-crore turnover from its retail business by end of this fiscal. The parent company is expected to touch the Rs 750-crore mark by the end of the financial year.
The company is on an expansion drive and recently opened its ninth outlet in Chennai, the largest so far, spanning 33,000 square feet.
At present, @home stores are available in Mumbai, Pune, Bangalore, Hyderabad, Nasik and Ahmedabad. Another 16 stores are expected to open in various locations including Coimbatore, Ghaziabad, Faridabad, Surat, Vadodara, Thane and Pune by March next year.
@home retails over 25 per cent home accessories, with the rest comprising furniture for various sections of the house. All @home products are either imported or outsourced from within the company.
Sleek, a Mumbai-based modular kitchens company, is also a Nikamal partner, whose models are displayed in the stores.
Nilkamal is planning to open Nikamal corners where it will display its premium products such as cabinets, wrought iron-style chairs and high-end dining tables.
Nilkamal, with 33 per cent market share, is the top manufacturer of moulded plastic furniture in the country. About five years ago, Nilkamal had tied up with its distributors to set up 300-400 square feet exclusive outlets called Home Ideas to showcase its range of plastic furniture.
The company will invest Rs 75 crore on the retail business in the next three years and has already invested Rs 50 crore for the purpose. On an average, Rs 2.5-3 crore is being spent on setting up each store, including the deposit, inventory and interiors.