Singapore-based furniture and home decor manufacturer HTL Group of Companies plans to open 10 dedicated stores for its brands (Domicil, Corium, Fabbrica) in 2024 as part of its retail expansion plans in India is.
HTL is one of the leading companies in the upholstered furniture industry. Manoj Nair, Country Head of India Operations (Brands), said: “These stores will be available in both COCO and FOFO formats and are located in Delhi, Hyderabad, Chennai, Mumbai, Bangalore, Pune and Bangalore.”
Additionally, this move to emphasize the personalized nature of furniture purchases is consistent with 95 to 98 percent of the company's substantial business being conducted through physical stores.
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The company entered the Indian market for the first time in 2021 and operates two distinct entities: New Century Sofa (which focuses on manufacturing) and New Century Trading (which is responsible for our business operations). Both companies are his wholly owned subsidiaries of HTL Singapore.
Further, the company, which has set up facilities in Pune and Chennai, said the decision to set up its manufacturing base in India was driven by factors such as market demand, availability of skilled labor and the government's active support for Make in India. It states that this is the result.
Further, “Global anti-dumping duties, rising freight costs post-COVID-19 and India’s favorable geographical proximity to major export markets such as the US and UK have made India’s manufacturing industry economically unsustainable. It has become attractive and environmentally responsible,” he explained.
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investment
To date, the company has invested ₹17 billion in setting up its production capacity and “we expect this investment to adequately support our operations over the next three years.”
The company, which has a global presence across 53 countries, aims to generate Rs 150 million from its Indian operations by December. Additionally, HTL is aggressively expanding into the Middle East and Africa, with plans to open a major office in Dubai by November.
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