Rosebys plans to open 150 stores by 2008-09 end

New Delhi: Home interior retailer Rosebys the subsidairy of diversified group GHCL kicked off its retail operations in the country with the opening of six stores in Chandigarh, Punjab and Haryana.

The company plans to open 150 stores across the country by the end of 2008-09 eyeing a turnover of Rs 400 crore in the Rs 5,000 crore organized home decor industry in the next three years.

The company opened four stores in Chandigarh, Mohali and Panchkula (Haryana) and two in Ludhiana. 'After opening these stores, we will be opening new stores in West Bengal, Andhra Pradesh and Karnataka,' Rosebys Interiors India Limited Director Nikhil Sen said in Chandigarh.

The plan is to open 30 stores in each state in a bid to penetrate our presence, he added.

'Home furnishing and decor market in India is largely dominated by unorganized players. We wish to bridge the gap between luxury and low end market present in this segment,' said company CEO Alok Banerjee.

Since all the stores would be opened on franchise model, the company would be spending only on brand building exercise for which it has earmarked Rs 150 crore.

'The funding will be done through internal accruals, debts and private equity,' he said.