Focusing on a pan-India expansion, Stories, a leading Kerala-based furniture and home decor firm, has proposed to invest ₹250 crore in three years. The company has been in the business of furniture and home décor for the last 15 years.
The company will set up 100 outlets across the country. Five showrooms will be opened by the end of the year in Kannur, Kozhikode, Thiruvananthapuram, Bengaluru and Pune.
The newly opened outlets will be in different formats, operated through franchisee mode and own shops. With the completion of expansion plans, it is looking at a turnover of ₹400 crore, said Harris KP, Chairman.
The market size of furniture and home décor in the organised segment is estimated at ₹10,00 crore, and the company is looking to garner a significant share. Post-Covid, he said customers may be more price-conscious because of the tightening of the home budget, which is posing a challenge.
The company has set a new beginning by making major changes in its products and price range to meet customer requirements, he said, adding that making customised furniture is the new trend in the market.
Stories is also planning to make a significant investment in e-commerce business. The current business ecosystem is a mixture of both online and offline trade, he added.
Rajan Narayan, CEO of Stories, said the company will extend all support to the government’s Make in India project to increase domestic production. It will also provide financial and technical support to small-scale manufacturers across the country to make them more efficient.