Godrej & Boyce is aiming to invest about ₹40 crore over the next three years to expand its distribution footprint for its consumer brands in the tier-II and tier-III cities.
“The fresh investments by the company, which sells interior solutions, furniture, appliances and locks, will see its footprint getting doubled to more than 400 towns by FY27,” a senior official has said.
"G&B plans to spend around ₹10-15 crore every year on store expansion and renovation for the next three years," a company spokesperson told PTI.
The company is targeting to grow its topline by 15-20 per cent per year, and it hopes for the store expansion to be one among several initiatives to realise its aim, the spokesperson added.
When asked if the expansion activities will be franchisee-driven, the spokesperson said the store expansion will be both “company and channel-driven.”
As per the company website, it had revenues of ₹14,796 crore in FY23 and was present in over ten industries, including delivering engineering solutions, manufacturing consumer appliances, furniture, locks and security solutions.
"Our vision extends beyond mere expansion. We are committed to crafting market-specific product portfolios aligned with region-specific consumer needs," its Executive Director and Chief Executive Anil G Verma said.
The strategies to be pursued include augmenting retail presence, customsied product innovation, and building a robust and sustainable supply chain to harness the market potential.