Godrej & Boyce is targeting five-fold growth in designer home and accessories brand India Circus Retail Pvt Ltd, in which it bought 51% stake, over the next two years.
While not sharing financial details of the deal, company executives said the partnership will strengthen the lifestyle footprint as well as complement existing lifestyle brand Godrej Interio.
Navroze Godrej, head – strategy and innovation, Godrej & Boyce, said, “The acquisition is one of the steps towards building a robust lifestyle vertical.” Post this acquisition, Godrej & Boyce will work aggressively on enhancing the bouquet of offerings while also increasing sourcing from existing and new trade partners.
Anil Mathur, COO, Godrej Interio, said that India Circus is witnessing high double-digit growth year-on-year and will close this fiscal with a turnover of under Rs 20 crore. “There are plans to add more product categories while as well as increase the number of stock keeping units. Visibility and availability will also be enhanced by setting up shop-in-shops at the 50-odd Godrej Interio outlets across 20 cities,” he said.
A venture by designer Krsnaa Mehta, executive director, India Circus was set up in November 2012 and retails contemporary-chic, sophisticated, and affordable lifestyle products across home décor, apparel, accessories, furniture and wall art categories.
“We currently enjoy a healthy mix of 60:40 between online and offline sales. Our target audience mainly comprises women in 16 to 65 age group and we straddle the entire range of affordable to premium products as far as pricing is concerned. Going forward, there are plans to introduce more products for men that will drive sales considerably,” said Mehta.
On the possibilities of Godrej & Boyce increasing their shareholding from 51% to 100%, Mehta said, there were no such plans and that India Circus will continue to retain its identity and brand name under Godrej.
Dhoni defends his decision to expose youngsters in tough Aussie conditions
Digital India: 20-25% of server revenues to come from government sector, says Lenovo
Look who’s the leading lady in Sushant Singh Rajput starrer MS Dhoni!
Maharshtra govt likely to tie up with Baba Ramdev to sell forest products
While the new owners will be responsible for driving efficiencies in operations and marketing of the business, Mehta will be responsible for all the design aspects associated with the brand. Godrej has also retained all employees of India Circus citing talent as one of the key factors for growing the business. Continuing to expand their portfolio in the lifestyle segment, Godrej will be investing in existing lifestyle brands while also creating their own.