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Bindu D. Menon

New Delhi, July 23 As the number of home buyers increase, the home improvement vertical too, is on an upswing.

Hindware Home Retail, a subsidiary of Hindustan Sanitaryware Industries, is firming up its presence in the home improvement vertical by increasing the number of its retail offering, Evok.

“Backed by the group’s core strengths in understanding diverse consumer behaviour, retail distribution network, global sourcing and cost-effective supply chain management, we are aggressively increasing the number of stores to 50 by 2012. This will entail an investment of Rs 250 crore,” Mr D.K. Jairath, Vice-President and Business Head, told Business Line.

Besides retailing products for the home adornment vertical, Evok will also offer a full-fledged design vertical and will act as a single window solution for bath and kitchen segment.

Evok stores will also provide personalised home interior planning and design services to assist homemakers visualise and choose their dream home.

The home interior solutions market opportunity size is estimated to be over $9 billion, with annual growth forecasts of 15-20 per cent. “HHRL will also work in close association with architects, interior designers, builders and corporates utilising the group networks and relationships for retail, institutional and projects business,” Mr Jairath said.

Evok will have over 7,500 stock keeping units.

The products will be sourced from Taiwan, China and Thailand, among other places, and will be targeted at anyone who is looking for trend-setting home interior concepts.

Evok will be present in three different formats covering living, kitchen and bath domains and will range from 8,000 sq. ft to 30,000 sq. ft.

On the funding, Mr Jairath said the company plans to fund the expansion through a mix of internal accruals and debts from banks and financial institutions.

More Stories on : Retailing | Ceramics | Interiors & Homes

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