Hindustan Sanitaryware & Industries Limited (HSIL) has announced its ambitious plans to enter the organized retail sector with Home Interiors Specialty business. The company has incorporated Hindware Home Retail Private Ltd (HHRL) as a subsidiary of HSIL to spearhead the Group’s vision to evolve into a Total Home Solutions Enterprise and plans to invest Rs 250 crores over the next five years. HSIL is diversifying to capitalize on Home Interiors industry attractiveness in India considering growing urbanization & residential landscapes, changing consumer lifestyles, organized retail sector opportunities & the demand-supply scenarios. The vast Home Interior Solutions market opportunity size is estimated to be US$ 9 billion plus, with annual growth forecasts of 15-20% CAGR.

HHRL will leverage the core strengths of the group in understanding diverse consumer & trade behaviour, retail distribution network, brand equity, global sourcing & cost-effective supply chain management, which are critical success factors in this sector. HHRL will also work in close association with architects, interior designers, builders & corporates community utilizing the group networks and relationships for retail, institutional & projects business. The pan-India business operations will be built on Global Sourcing – Specialty Retailing model with comprehensive and trend-setting home interior concepts, merchandising & supply chain management systems.

Announcing the foray of HSIL into home interiors sector, Mr. Sandip Somany, Joint Managing Director, HSIL, said, “In the backdrop of ever growing & evolving needs of consumers, home interiors is gaining high significance in terms of concept, time, cost and quality. Consumers aspire their homes to be special providing comfort and upgrading their lifestyle. The core vision of HHRL is “to be first choice partner of customers aspiring for Value for Style home interior solutions” in Living, Kitchen and Bath domains.”

The venture is a brainchild of Mr.Sandip Somany, and a team of industry professionals with vast experience in this sector has been inducted to spearhead this venture. HHRL plans to invest about Rs.250 crores over the next 5 years to establish 50 large format, company operated specialty destination stores across the country and set new industry benchmarks in home Interiors sector in India. The chain of specialty stores with 3 different formats covering Living, Kitchen & Bath domains will range from 8000 sq.ft. to 30,000 sq. ft size, and will be launched under the new retail brand EVOK. The venture will focus on the lower mid-segment to mid-upper segment consumer group and aspires to attain market leadership in these consumer segments in near future. The pilot flagship stores will shortly come up in NCR and the stores’ population will eventually be scaled up to a pan-India retail footprint of 1.2 Mn sq.ft. with target revenue turnover of Rs.400 Cr over the next 5 years.

Evok stores will facilitate discerning consumers with single window coordinated home interior solutions, driven by themes, which accentuate their lifestyle and fulfill their aspirations. These stores will showcase world class contemporary products in Furniture, Furnishings, Bath products, Modular Kitchens, Flooring, Lighting and Lifestyle Home accessories sourced and coordinated from across the world. At Evok stores, Home spaces will be creatively arranged with affordable value packed home interior products in a soulful ambience designed to evoke emotions. Evok stores will also provide personalized home interior planning and design services to assist homemakers visualize, choose and create their desired habitats.

Sourced From: LINOpinion – The Lintas Public Relations Division

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