Dubai retailer eyes $91m India investment

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Khurshid Vakil, Marina Gulf and Marina Home co-founder and co-owner.

Khurshid Vakil, Marina Gulf and Marina Home co-founder and co-owner.

Dubai-based home furnishings company Marina Home plans to invest more than $90m in a roll-out of stores across India, it was reported on Sunday.

The Rs500 crore investment will see around 50 stores opening in India in the next five years, Press Trust of India reported.

The company, which sells a range of home interiors, is aiming to make turnover of Rs300-400 crore in its first year of operations in the country.

"We plan to invest Rs500 crore in the next five years in India. Our target is to have 50 stores comprising large and medium size boutique stores across metro, tier I, tier II and tier III cities in the country," said Khurshid Vakil, Marina Gulf and Marina Home co-founder and co-owner in comments published in local media.

He added that the company, which has stores across the Middle East, would fund the expansion in India through internal accruals.

Marina Homes plans to invest Rs100 crore in 2013 and is also looking to tie-up with major builders to secure real estate projects, the report said.

The company is looking to open stores in countries like the UK, the US and Canada by the end of this year, it added.

"We are aiming to set up company-owned and managed stores in places like London, Toronto, Chicago and New York," Vakil was quoted as saying.

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Posted by: Telcoguy

Yes, and the reason retail is in shambles in India is because all the protectionist measures that prevent modern retailers from opening shop (literally) there
It is a big risk, liberalizing retail is one of the unfulfilled promises, and it will remain like that for some time I am afraid
In the meantime Indians will need to travel to Dubai to a better shopping experience

Posted by: Naveen Shetty

Indian retail is not in shambles but it flourishing. The restriction was only on multi-brand retailing by foreign entities while single brands were allowed to own and operate stores with 100% ownership rights. Now there are large numbers of home grown multi-brand retailers who can compete with the best of the world and Govt?s decision to open the sector progressively is best in the interest of the retailers and customers in India.

There is no business which is without any risks but India is a market which cannot be ignored just because of the size and the purchasing power of the growing middle class. People of India used to travel to Europe (London/Parish) for shopping earlier but now Dubai has replaced these locations as their favorite destination and proximity. This is going to change significantly as more and more Single brands set-up shops in India.

Posted by: Ashok Kaul CEO Retail Bombay Dyeing

Great opportunity as Indian home furnishing market is huge, rapidly growing, fragmented & with under penetrated modern retail

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