Godrej-backed home and decor firm India Circus is eyeing to touch Rs 80 crore revenue this fiscal as it is constantly expanding its online presence and opening new stores, Krsnaa Mehta, founder and executive director of the company said in an exclusive interview with
According to the brand, it clocked a revenue of about Rs 40 crore in the last fiscal.
Currently, the company has 16 stores across India and targets to open 15-16 stores in the upcoming fiscal year. It has a presence in Pune, Mumbai, Chennai, Kolkata, Bangalore, Jaipur, Ajmer, Alibaug, and Hyderabad and plans to add stores in Delhi, Chandigarh, and Lucknow.
Speaking on consumer demand, Mehta said, the home decor and dining segment has grown even during and after the pandemic.
This year, during the Diwali-Christmas quarter, the company has seen a huge uptick in demand for dining and home decor products. Further, it shared that it has plans to launch products every month and expand its furniture category. Moreover, it plans to add wall arts as well as textile curtains to its portfolio, which are also large ticket home decor items.
On its sales distribution, the home and decor brand said online sales contribute 65 per cent and the rest 35 per cent comes from offline sales. As the company aims to open more offline stores, Mehta hopes to see a huge increase in offline sales. When it comes to online, he said to increase budgets on performance spending and expects higher revenue. He also said the company is focusing to maintain a balance in the sales contribution from both channels.
Strategies, plans and gross margin
The company is also exploring partnerships with a watch brand and a bed sheets brand.
Sharing the brand’s strategic plans, Mehta said, “Corporate gifting is now a key part of our strategy. We have seen a lot of demand for it and we are only seeing it grow and benefit our overall business.” He further shared that the brand has added resources to work on corporate gifting due to the increasing demand. Courtesy: www.retail.economictimes.indiatimes.com