Dubai-based trading firm major Bronet Group is expanding retail footprint to Bengaluru by setting up its second store in India for selling high-end furniture, furnishings and other home accessories.
“As part of our expansion plan, we will invest Rs 200 crore in opening 20 stores across India over the next four years for hard-selling branded home accessories, especially furniture and furnishings from 19 countries the world over,” Bronet Founder K.P. Abdul Saheer told reporters on Wednesday.
The $110-million (Rs 735 crore) Bronet, promoted by three Indian brothers from Kerala’s Kozhikode, diversified into healthcare, telecom, retail and IT verticals and expanded its presence from the UAE to China, Hong Kong, India, Malaysia, Singapore and the US over the last two decades.
Bronet opened its first Indian store at Kozhikode recently.
“In phase-one, we will open ‘Stories’ outlets in six cities — Kochi in December, followed by Hyderabad, Ahmedabad, Indore and Chennai,” said Group Chairman K.P. Haris ahead of Bengaluru store opening by Prestige realtor Rezwan Razack on Friday.
A decade ago, Bronet entered India for pharmaceutical retail.
“In phase-two, we will expand our presence in the Gulf region and Far East to take on global and regional majors in retail segment,” said Haris.
According to brand consultant Roby Mathew, as online stores prevent consumers from experiencing what goes into their homes and no physical store can showcase the whole catalogue, Bronet’s stores offer a seamless integration of the physical and virtual retail spaces.
Haris said: “In the course of my travels, when I saw the best in the world, I wondered why Indians have to put up with low quality craftsmanship and poor designs. It inspired me to open Stories.”
Stories offers international designs, world-class materials and fine craftsmanship to Indian customers with varied tastes and budgets.