Future Group expects Home Solutions Retail to be the largest revenue earner
By Our Corporate Bureau | 29 Sep 2007
Bangalore: The Future Group's Home Solutions Retail Ltd, which retails electronics, consumer goods, furniture and home improvement products, is expected to be the largest contributor to the group's revenues this year.
HomeTown is a home-making and home improvement store that markets products and services required to set up a home. Group company Future Money provides in-house financing options to the business.
Talking to the media at the launch of the HomeTown at Bangalore, Kishore Biyani, Group CEO, said that E-Zone and HomeTown, two of the group's retailing brands have shown growth rates of 70-90 per cent. He added that HomeTown would record a turnover of Rs 200 crore this financial year.
According to the company, in the five months since the launch of the first HomeTown, Future Money has financed about Rs 52 lakh worth of consumer billing, with around 30-40 per cent customers opting for financing their home needs.
The Future Group currently has four HomeTowns, 24 E-Zones, 62 Electronics Bazaars, 64 Furniture Bazaars and 45 Got IT outlets in the country.
According to Jacob Mathew, founder-director of Idiom Design and Consulting, the group's in-house design venture, HomeTown is not a store like the widely prevalent western chain Ikea. Instead, HomeTown targets women shoppers, and has modelled itself on the 'Don't-do-it-yourself'' principle.