AK Retail, a Delhi-based company, with a view to expand its business in the domestic luxury market is preparing to launch 20 more 'Maishaa' stores during the current financial year.
Arun Garg, President, AK Retail, informed that, “Maishaa, the company's exclusive high-end home textile stores, currently has five stores and intends to launch 20 new stores, thus by the end of the current financial year, we will a total of 25 stores.”
At present, Maishaa's outlets are spread across New Delhi, Surat, Hyderabad and Mumbai. The new stores are likely to be developed at 15 main centres, pan-India. These new stores will be located in Tier I and II cities like Bangalore, Kolkata, Indore and Chandigarh.
Though the quantum of funds reserved by the company for the purpose was not disclosed by Garg, it is obvious that each store, which will spread over an area of 1,000-1,500 square feet, will attract an investment of around Rs 5-5.5 million.
AK Retail recently has entered into the high-end textile segment, with leading players like Portico, Bombay Dyeing and Rosebys and few other international brands.
Garg said that, as the Indian luxury market, mainly the bed and bath segments are developing at a fast pace, they are looking forward to cash in on this potential.
The strategy is targeted at enhancing their retail presence in the standalone as well as multi-brand outlet segments, said Garg.
Over the next five years with escalating demand from high-end clients, the Indian luxury market is expected to be worth $30 billion. Also, the company by the end of this financial year is looking forward to doubling its point of sales to 100.
Maishaa, whose main focus remains to be the high-end customer base, encompasses a collection of over 2,000 fabrics and bed linen in the price range of Rs 4,000 to Rs 17,000.
Fibre2Fashion News Desk - India