Himeya by Himatsingka unveiling aggressive retail expansion plans in India
06 December 2023, Mumbai
Himeya, the latest addition to Himatsingka's global textile portfolio, is gearing up for an extensive retail expansion with plans to open 10,000 stores across India. Anticipating the launch of 1,000 stores by the first quarter of the next year, Akanksha Himatsingka, CEO of Home Textile Solutions, unveiled the brand's ambitious strategy.
Initially positioned as a high-end brand upon its 2019 debut, Himeya later shifted gears to offer accessible products across various segments. Presently, the brand's prices range from Rs 299 for a bath towel to Rs 1,300 for a sheet set.
Himeya boasts a diverse retail presence, with around 80 MBOs, primarily in large format stores and online platforms. Aiming to achieve Rs 1,000 crore in revenue over the next five years, Himatsingka reported an impressive 17 percent year-on-year growth in total income during the second quarter, reaching Rs 748.15 crore.
The brand's profit after tax also witnessed a positive surge, climbing to Rs 28.78 crore in Q2 FY24 from a loss of Rs 33.89 crore in the corresponding quarter last year.
This upswing is credited to enhanced utilization levels, softened raw material costs, and reduced energy expenses.
Despite its current collaboration with large Fortune 500 clients, Himatsingka anticipates minimal disruptions due to the brand's diversified market presence.
The company eyes further global expansion and is already entrenched in North America, Europe, and Asia, operating from a substantial 400-acre campus in Karnataka, manufacturing an array of textile products.