Dubai-based Marina Home to invest Rs 500 cr in India in 5 yrs
New Delhi: Dubai-based home furnishings company Marina Home plans to invest Rs 500 crore in India to open around 50 stores across the country in the next five years.
The company, which sells entire range of home interiors including living room accessories, lighting fixtures and fabrics, is aiming at Rs 300-400 crore turnover in its very first year of operations in the country.
"We plan to invest Rs 500 crore in the next five years in India. Our target is to have 50 stores comprising large and medium size boutique stores across metro, tier I, tier II and tier III cities in the country," Marina Gulf and Marina Home co-founder and co-owner Khurshid Vakil told PTI.
He added that the company, which has stores across the Middle East, would fund the expansion in India through internal accruals.
When asked about the revenue targets in India, Vakil said: "We are expecting to touch Rs 300-400 crore in revenues in first year itself".
The company recently opened its first store in the National Capital and has already invested around Rs 100 crore on various activities including, infrastructure, logistics and distribution network.
Marina Homes further plans to invest Rs 100 crore in 2013 to come up with company-owned large format retail stores in metros and medium sized boutique stores in smaller cities.
"In the first phase, we plan to open four large company-owned stores this year in metro cities. It will be followed by boutique stores through franchise route across smaller cities and towns," Vakil said.
He added that the company is also looking to tie-up with major builders to secure real estate projects.
During the year, the company also plans to establish brand Marina in the western markets and is busy studying the right opportunities, locations and entry points.
The company is looking to open stores in countries like the UK, the US and Canada by the end of this year.
"We are aiming to set up company-owned and managed stores in places like London, Toronto, Chicago and New York," Vakil said.