Hindware Home Retail Ltd, a home and interior decor store chain with the brand name 'Evok', is planning to increase its total number of stores.
Hindware Home Retail Ltd, a home and interior decor store chain with the brand name 'Evok', is planning to increase its total number of stores. The company is planning to open total 35 stores in 2014-15. Most of these stores will operate via franchise business model. These stores would sell living solutions products, modular wardrobes modular kitchen and entertainment solutions to customers. Currently, Evok has 17 stores pan-India including 15 large format stores and two small format stores.
Evok, COO, Ajay Seth says, “We are planning to increase our presence in different locations and aiming to have a turnover of Rs 200 crore by the end of fiscal 2014-15.” The company is planning to invest around Rs 35 crore for its expansion and is considering Western and Eastern region priority markets for its vibrant and modern outlook. According to Seth, “We are going to open stores in Ahmedabad and Noida soon, later on, considering the cities like Kolkata, Patna and Guwahati as our potential markets.”
The brand is targeting the premium segment of the buyers from urban, semi- urban and middle class families. It is planning to expand in tier II and tier III cities with the outlook that tier I stores would be company owned, while stores in tier II and I cities would be franchisee run.
Seth concludes, “For the next five years we have a target of adding 10-15 stores every year, in which 5 to 6 would be company owned and rest franchised.” The company sources its furniture from Malaysia, China, Europe and India and modular kitchens from Europe and domestic suppliers.