The growing internet penetration and an increase in the number of people buying products online has made a number of offline players to think of an online strategy to expand their presence and reach the tech genre.
Recently three renowned offline players, i.e. jewellery retailer Malabar Group, textile company Siyaram’s and home decor retailer Good Earth, have revealed their plans to launch respective ecommerce stores.
Headquartered in Kerala with an yearly turnover of USD 2.4 billion, Malabar has its presence in major cities and towns via Malabar Gold & Diamonds stores. The company has recently stated that it will diversify into various segments including ecommerce. It has its offline presence in countries like Singapore, Kolkata, Ahmedabad and also has plans to expand in Sri Lanka, Indonesia, Malaysia and Bangkok.
It’s online store will be facing competition from other online jewellery retailers like Caratlane, Bluestone, Gitanjali etc.
Home Decor in India is one of the hot categories not only offline but online as well, there are a number of startups which have cropped up under this category and a few established ones have even raised funding rounds, thus shows the market opportunity in this space. Home Decor retailer Good Earth which caters to a large number of customers abroad by entertaining emailed orders is now in plans to take things to a next level by launching an e-commerce store by next month. “E-commerce will be a whole new chapter in our 18 years long story,” said, Simran Lal, CEO, Good Earth.
Good Earth currently has 10 stores across India generating about INR 110 crore in revenue annually. It designs 80% of its products in-house.
The company will compete with other home decor retailers like Urbanladder, Pepperfry, Fabfurnish etc.
INR 1,400 crore textile company Siyaram’s, is also working towards setting up its e-commerce business which is expected to come in next 6 months. The company will initially start with apparel and depending on the response it will expand the entire product portfolio of Siyaram’s. The company specialises in yarn, home furnishings, retail, ready-to-wear and fabrics.
In terms of its offline presence currently Siyaram’s has around 140 franchise stores across India and by the end of this fiscal it is targeting to add 40 more franchise stores and standalone stores in Mumbai, Delhi and Bangalore in the next fiscal.
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