Himatsingka Seide to foray into foreign markets

27 Mar '07

2 min read

Himatsingka Seide Ltd has plans to enter foreign markets through its retail brand 'Atmosphere' with a view to create a niche for itself in growing home furnishings market.

Company also plans to open Atmosphere retail outlets in Dubai and in Hong Kong or Singapore next fiscal as these are emerging markets for home furnishings due to booming construction sector (both residential and commercial).

Dubai outlet is planned to be opened in mid-April while stores in Hong Kong or Singapore will open sometime later with average size of stores being around 5,000 sq ft.

"Over 60 percent of the sales happen through interior designers and decorators. Since Dubai is witnessing hectic construction activities, the demand for home furnishings is high. For instance, in Dubai alone, 80-100 hotels are coming up. We see this as a great opportunity to grow our business," said Himatsingka Wovens Vice-President (Retail) Bharat Ram.

Atmosphere caters to a large segment of consumers which includes residential complexes and hospitality industry and sells variety of products like silk fabrics, silk blends, curtains, cushion and upholstery.

"Only samples of the products are displayed at the retail outlets. Once the customer places an order, the shipment will take place. The business approach is entirely different from other retail brands. We are keen on having stores only in good locations," he pointed out.

"The brand is growing at a compounded annual growth rate of 50 percent, which is highly encouraging. We have design centres in New York and Bangalore to contribute to our product innovation," Ram added.

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