The Hindu Business Line : Himatsingka Seide to open more furnishing stores

HIMATSINGKA Seide, a leading manufacturer of silk and silk-blended fabrics, will be opening nine more furnishing stores under its retail brand `Ambassador' in the next three months, taking the total to 15.

"We are going to open nine Atmosphere outlets in cities such as Kolkata, Chandigarh, Pune, Kochi, Noida, Ahmedabad and north Mumbai," said Mr Shrikant Himatsingka, Executive Director of the company.

Besides, the company would look at shopping malls in smaller places with sizeable potential.

Addressing a press conference here on Wednesday, after opening a store in Hyderabad, Mr Himatsingka said the retail venture of the company was expected to fetch up to Rs 15 crore in the first year.

"It's a comprehensive home furnishing platform. We would like to be the first player to have a nationwide presence in the upper end of the market," he said.

Part of the Rs 165-crore Himatsingka group, the retail venture is expected to contribute Rs 75 crore to Rs 100 crore in the next five years. "We have a range of 800 products each having different shades. The number will go up to 1,500 in the next few months," he said.

A 100 per cent EoU (export-oriented unit), Himatsingka group showed interest in the retail business as the domestic consumers were willing to pay a premium provided they got value for money.

The company, which sources all its products in-house, plans to manufacture bed linen and non-silk upholstery for both Indian and export markets.

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