Furthermore, India Circus employees have been retained.
Mumbai: Business conglomerate Godrej on Tuesday said it has acquired 51 percent stake in home decor and personal accessories brand India Circus, which will increase its footprint in the lifestyle space. India Circus, owned by Krsna Mehta, is positioned as a lifestyle brand that offers home decor and accessories at an affordable price.
Along with Godrej Interio, the furniture and home solutions business, India Circus will further strengthen the company's lifestyle business, Godrej said in a statement. With this merger, India Circus expects its market revenue to grow by 500 percent over the next two years. "I'm excited to announce that we've acquired India Circus, a very niche and exclusive lifestyle brand.
With this partnership, we look forward to strengthen our lifestyle footprint and also compliment our existing lifestyle brands like Godrej Interio. "The acquisition of India Circus is one of the steps towards building a robust lifestyle vertical," said Navroze Godrej, Head, Strategy and Innovation, Godrej & Boyce. India Circus will continue to retain its identity and brand name under Godrej, the statement said. India Circus Executive Director Krsna Mehta will be responsible for design and Godrej will be responsible for efficiencies in operations and marketing of the business.
Furthermore, India Circus employees have been retained. In the coming years, Godrej will continue to expand its portfolio in the lifestyle segment by investing in existing lifestyle brands and by creating their own, he said.
"I also want to make India Circus one of the celebrated Make in India brands with a great design, great quality and a great price offering. Being a design house first, it's critical to our success as a brand.
"I am confident that with Godrej this brand can make it to the next level and soon be available not only in India but all over the world," Mehta said. In addition to its online presence and the existing shop-in-shop format, India Circus will now have presence in over 50 Godrej Interio retail outlets across 20 cities.