Himatsingka Seide Limited will introduce a new brand in the home furnishings vertical to cater to the mid-market segment and open 120 stores across the country to achieve a turnover of Rs2,500 crore.
The Bangalore-based company also plans to enhance its retail presence in the luxury brand segment from the present 14 stores to 25-30 stores, the company said in a release.
Himatsingka had invested Rs1,100 crore over the last three years for setting up a Rs500-crore greenfield bed linen manufacturing facility and in developing global distribution capabilities in the home textile space via acquisitions in Europe and the United States.
With this, Himatsingka will have a global presence and a strong portfolio of brands, which includes `Atmosphere', `Bellora' (the luxury Italian Bedding brand) and licenses for Calvin Klein Home and Barbara Barry.
The companysays it would also develop a strong presence in the Indian market even as it continues to grow overseas.
The retail expansion will take the number of Himatsingka's retail outlets to around 150 stores, which includes adding 15 new exclusive stores for its luxury brand atmosphere and 120 exclusive stores for its new brand in the mid-price segment.