Company floated its first store in South Delhi through its franchise Zoe Concept. After foraying into the national capital, BoConcept is eying to open two more stores in Mumbai and Bengaluru by 2017.
To cater to the furnishing needs of the Indian customers, luxury furniture maker BoConcept has ventured the Indian market and launched its first store in Delhi. With the head office based in Denmark, the company plans to spread its network in India by installing eight stores across the leading metros in the next five years.
Company floated its first store in South Delhi through its franchise Zoe Concept. After foraying into the national capital, BoConcept is eying to open two more stores in Mumbai and Bengaluru by 2017. Elaborating on the company’s expansion plans, Navin Khanna, Director, Zoe Concept said that company has plans to open another one in Mumbai by February 2017, followed by Bengaluru and Chennai. In the next three years, it is planning to have at least four stores, and eight stores in all in the next five years. Company feels that each store could generate at least Rs 12 crore a year and with three stores BoConcept would expect around Rs 36 crore every year.
The company is aiming to hit the upper middle class segment of the country. It will be showcasing its wide range of luxury products, right from candle holders to designer sofas; BoConcept will not be leaving any stone unturned in order to allure its Indian customers.
Speaking about the pricing of the products, Khanna added that company calls it as affordable luxury because currently, BoConcept is not on the top end of the market but it is somewhere slightly above what it gets at this point of time in India.
Zoe Concepts 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.