Dubai retailer eyes $91m India investment

Sunday, 13 January 2013 5:15 PM

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.

Follow @ArabianBusiness

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Telcoguy Saturday, 19 January 2013 12:52 PM[UAE] - UAE

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 Sunday, 20 January 2013 3:20 PM[UAE] - UAE

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.

Reply to this comment.

Posted by: Ashok Kaul CEO Retail Bombay Dyeing Friday, 18 January 2013 4:45 PM[UAE] - India

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

Reply to this comment.

Arabian Business Power 500 2013 - Top 5 from Qatar »


View complete list

Photo Galleries
Videos

32
Saudi Arabia to rehire Indian maids on lower wages

The problem with many South Asians in general and Indians in particular is that greed has no limit for them. No matter how much they get, which is often... more
Wednesday, 19 June 2013 10:59 AM - Fahd
9
Gulf airlines told not to carry US whistleblower

so much for freedom of speech and freedom of thought.Guess it applies ONLY when the intrests of UK-US and other allies are served.
US-UK has no permanent... more
Wednesday, 19 June 2013 11:26 AM - Arabian man
9
Nakheel charges buyers $1,361 to attend sales auction

If indeed all of the legacy Nova villas were sold out in a few hours .,Then we are going to have another 350 duped investors who are going to be posting... more
Wednesday, 19 June 2013 8:42 AM - Close call - almost an investor

Read all user comments »

32
Saudi Arabia to rehire Indian maids on lower wages

The problem with many South Asians in general and Indians in particular is that greed has no limit for them. No matter how much they get, which is often... more
Wednesday, 19 June 2013 10:59 AM - Fahd
27
Female UAE expats face new visa curbs

@anguilla: Kalba town is part of the Sharjah Emirate.
along with khor fakkan and dibba al hisn.
http://en.wikipedia.org/wiki/Sharjah_%28emirate... more
Friday, 14 June 2013 6:23 PM - omar faris
14
Saudi's Grand Mufti vents against horse statues

I am wondering why this article is being published here? it is really useless. anyway, I in certain ways agree with the Mufti. god bless Saudi Arabia more
Tuesday, 18 June 2013 9:27 AM - Faisal

Read all user comments »

57
Are there too many Brits in the UAE?

@ Henry, enough of whining, the host country does not need you, it is your employer that needs your services and you know well enough that you can be made... more
Saturday, 1 June 2013 11:32 AM - Zain
37
Rights group urges UAE not to deport strikers

Organizations like HRW, Green peace, ILO, UNHCR are so self serving that it is amazing they still exist! they spend 60/70 percent of their budgets (meant... more
Thursday, 30 May 2013 7:53 PM - Navin
32
Saudi Arabia to rehire Indian maids on lower wages

The problem with many South Asians in general and Indians in particular is that greed has no limit for them. No matter how much they get, which is often... more
Wednesday, 19 June 2013 10:59 AM - Fahd

Read all user comments »

Log in Not registered? Register now!

Retrieve password form

Services:

Dubai retailer eyes $91m India investment

Related:

Stories

Galleries

Also in Retail

Also in UAE

Join the Discussion

Further reading

Features & Analysis

Most Popular

Most Discussed