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Himatsingka to focus more strongly on domestic market
10
Nov '10
Himatsingka Seide Limited announced the roadmap for achieving revenues of Rs. 2500 crores over the next four years. To this effect, Himatsingka will introduce a new brand in the home furnishings vertical which will cater to the mid-market segment. Himatsingka plans to open 120 stores across the country for the new brand. It will also enhance the retail presence of its luxury brand 'atmosphere' from the present 14 stores to 25-30 stores.

Over the last three years, Himatsingka has invested Rs. 1100 crores, in setting up a Rs. 500 crores Greenfield Bed Linen manufacturing facility & in developing global distribution capabilities in the Home Textile space via acquisitions In Europe & in the United States. With this Himatsingka has a global presence & a strong portfolio of brands which includes Atmosphere, Bellora (the luxury Italian Bedding brand) and licenses for Calvin Klein Home and Barbara Barry.

The second phase of growth and expansion will see Himatsingka develop a strong presence In the Indian market while continuing to grow its market presence in other geographies.

With its expansion in the retail space, the company is aiming to have a total of approximately 150 stores, which includes adding 15 new exclusive stores for its luxury brand atmosphere & 120 exclusive stores for its new brand in the mid-price segment. Himatsingka is targeting to achieve revenues of about Rs 650 - 700 crores from Its Indian retail portfolio over the next four to five years.

For Q2 FY11, Consolidated Revenues grew by 22.8% to Rs 360 crores as compared to Rs.293 crores in Q2 FYl0. Consolidated Net Profit during the same period grew by 40.40% to Rs. 10.10 crores, as compared to Rs. 7.19 crores during the same period last year.

Speaking at a press briefing, Mr. Dinesh Himatsingka, Managing Director Himatsingka Seide said, "I believe our initiatives to enhance our presence in India is both strategic and timely. It will give us a truly global presence and ensure that our expertise in Product Development, Manufacturing and Distribution are optimally harnessed to address the immense potential in emerging markets like India".

Mr. Shrikant Himatsingka, Executive Director, Himatsingka Seide said "We envisage the home textile market in India to grow to approximately RS.30,000 crores by 2015. It is prudent for us to build on our current retail presence and ensure that we are well positioned to address the needs of this growing market".

Himatsingka Seide Limited

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