Danish luxury furniture maker BoConcept has forayed into Indian market by opening its first store in Delhi and plans to have eight stores across leading metros over the next five years.
BoConcept, which entered India through its franchise Zoe Concepts, has opened its first store in South Delhi and is planning to have two stores in Mumbai and Bengaluru by 2017.
“We have plans to open another one in Mumbai by February 2017, followed by Bengaluru and Chennai,” Zoe Concepts Director Navin Khanna told PTI.
He further said: “In the next three years, we are planning to have at least four stores, and eight stores in all in the next five years.”
On sales expectations, he said: “We feel that each store could generate at least Rs 12 crore a year and with three stores we would expect around Rs 36 crore every year.”
According to a report: BoConcept would target the upper middle class with its range of modern design products such as candle holders, priced at Rs 450 to luxury sofas at up to Rs 15 lakh.
On price range of the company, Khanna told PTI, “We call it as affordable luxury because we are not on the top end of the market but we are somewhere slightly above what we get at this point of time in India.”
It has already started scouting for locations in Mumbai, where the store is expected by March 2017. It is investing around half a million euros (nearly Rs 4 crore) in opening stores in India.
BoConcept’s entire range would be manufactured at Denmark and would be imported here.
On domestic manufacturing, Khanna said: “USP of the product is that it is manufactured in Europe and we do not want to take away from it by local manufacturing.”
BoConcept, which started its journey in 1952, operates over 300 stores in 60 countries.