NEW DELHI, Jan 20: Home utility products major Casa Brands today said it will open 25 stores across the country by the end of the year with an investment of about Rs 8 crore.
“Demand for home utility products like ironing board, laundry products like dryers, sorters and shoe rack are increasing in India. We will open 25 more stores by end of the year. One store will cost up to Rs 30-35 lakh,” Casa Brands Joint Managing Director Umang Srivastava told PTI here.
He said that some stores will be exclusively company owned, while some will be on franchise-model. The company is mulling opening around 10 self-owned stores entailing an investment of around 3 crore, he added.
“Currently, we are selling our products under Bonita brand name through 350 stores across India but we do not have any exclusive store till now,” he said.
When asked about the growth prospects of home utility products in India, Srivastava said in India, this business has not been accounted in an organised way because of lack of organised players in this industry.
“However, growing awareness among people is helping the industry to establish itself in the country. From our estimates, currently the total business in India is almost Rs 70-100 crore annually. But the sector has the potential to increase multi-fold as organized players enter the market,” he added.
The size of the home utility business in the US is about USD 4 billion.
He said that the company is formulating a strategy to establish its brand name in the domestic market.
“Our main customers are in tier-I and tier-II cities. At the time when most of the people in cities are living in flats, proper utilisation of space is important. Most of our products are foldable, which can be placed easily after its use,” he said.
The company also exports its products to countries like the US, Italy, UK, Spain, Switzerland, France and Germany.
“We are in the process of setting up a our warehouse, and sales network in the US which will also sell products under the Bonita brand. This will be operational by end February,” he said. (PTI)
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