IBEF: December 13, 2019
The furnishing and interiors business arm of Dubai-based Danube Group, Danube Home, intends to sell its products online in India. Lat year, the firm opened its maiden store in the country and will now enter the e-commerce business by offering products on sites such as Amazon in the first quarter of 2020.
"By June 2020, we will have our own e-commerce window," said Mr Rizwan Sajan, Founder and Chairman of Danube group.
The firm after assessing the progress will take a call on expanding its presence in the country next year.
"We have invested about Rs 50 crore (US$ 7.15 million) so far here. After we firm up our expansion plans, we might invest Rs 150 crore (US$ 21.46 million), about Rs 30 crore (US$ 4.29 million) each on smaller stores," he said.
Although, the final decision on investments and expansion would be made after six months when the assessment of its business is completed in the country.
Around 90 per cent of the target set by the company for itself has been achieved.
"We are targeting a growth of 25 per cent in the second year," he added.
"We would like to focus on the e-commerce business as it is expanding steadily in the country. This window would help us reach out to the growing number of millennials that are mostly shopping online," Mr Shubhojit Mahalanobis, General Manager of Danube Home, has said.
The company has stores in over 22 countries and has tied up with over 20 vendors from Telangana, Gujarat, Mumbai and some other places in north India for manufacture of products to its standards.
The firm also plans to increase its exports in home decor and home furnishing products from Indian craftsmen and make it available to markets in the Gulf region.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.