Dubai-based home décor chain Marina Home is looking at India to be its largest market in the next 10 years. The company rolled out its first Indian flagship store in Delhi last year.
The company has maintained a budget of Rs 400 crore, for the next five years, to open large format retail stores in the major cities and towns of India. Presently, there are 50 stores in the pipeline.
It is also talking to developers/hospitality chains for a possible partnership in the upcoming projects. Currently, the focus is on NCR and it expects to bag two to three such deals in 2013-14. The company is likely to announce its entry into Chandigarh and Noida soon.
Marina is looking ahead for both company-owned and franchise stores for expansion in India.
“We will witness huge growth in the Indian market. Young people have aspirations with disposable income,” said Khurshid Vakil, co-founder and executive director, Marina Home. He added that everything will soon be lifestyle driven. This is the transformation phase of middle class to upper middle class,” Vakil said.
Currently, there are about 26 million homes across India under construction at a price of Rs 1 crore and above, according to a study. That, according to Vakil, offers branded home lifestyle firms a big opportunity
Currently, The Company is primarily focused in the Gulf region, and is planning to launch in North Africa and Egypt soon. It is expected to enter the London market sometime next year.