DLF Brands, best known for bringing some of the top international labels into India such as Kiko Milano, LensCrafters, Mothercare and Forever21, will focus on its home decor business under Pure Home + Living, MD & CEO Timmy Sarna told FE.
The firm has exited its international retail associations, with LensCrafters, a US-based, but Italian-owned eyewear brand sold to Reliance Brands recently; Forever21 acquired by Aditya Birla Fashion and Retail, Mothercare and Sunglass Hut also bought by Reliance Brands, which is part of Reliance Retail. And Kiko Milano, an Italian make-up brand likely to be acquired by Reliance Retail as it beefs up its beauty business.
“I started Pure Home + Living around 8-10 years ago. However, I could not focus on this brand because the foreign labels were taking much of my time. Now that we have exited these foreign brands, I am putting my attention on growing Pure Home + Living. We want to scale up this business,” Sarna said.
The company is eyeing a turnover of Rs 200 crore for Pure Home + Living in the next year-and-a-half by which time it will have 50 stores across the country from 35 stores now, Sarna said. It is likely to close the current financial year (FY24) with a topline of Rs 120 crore.
Within three years, Sarna says he is hoping to take the turnover of Pure Home +Living to around Rs 400-450 crore with a retail footprint of around 100 stores, using a combination of aggressive pricing (starting price currently is Rs 499 per unit), new designs and colours, tapping more cities, growing its online presence (the brand derives around 17-18% of its current revenue from its India e-store; plan to take it to 25% of total revenue in three years) and sourcing from India and international markets aggressively.
“We are adding 7 stores of Pure Home + Living over the next few months, three of which will come up in Mumbai,” he said. “We have two stores in Mumbai at the moment, the number will increase to five in the near future. We will be growing our presence in the west of India,” he said. Most of Pure Home + Living stores are located in places such as Delhi-NCR, Ludhiana, Chandigarh, Jaipur, Lucknow, Indore, Kolkata and Bengaluru.
Sarna says the future plan with Pure Home+ Living will also include taking the brand to international markets, starting with a store in Dubai in FY26. The company will first launch its virtual store inWest Asia by September in FY25 and then step up its presence in the region, he said.
Industry estimates peg the size of the Indian home decor market, which includes furnishings, decorative items such as glassware, flowers, home accessories, kitchen, dining and bathware, etc, at around Rs 10,000 crore.
While nearly 70% of the market is unorganised (Rs 7,000 crore), the organised segment (Rs 3,000 crore) has players such as Home Centre, promoted by the Dubai-based Landmark group, Shoppers Stop, Reliance Retail, H&M Home and online players such as Urban Ladder, HomeTown, Pepperfry, The Decor, Kart among other players.