Stanley Lifestyles aims Rs 700 crore sales by FY25
The company on Thursday announced its foray into complete luxury home interior solutions and personal accessories by launching Stanley Level Next, a new premium lifestyle store in Bengaluru.
Over the next two years, the company plans to open five more Stanley Level Next outlets with an investment of Rs 20 crore, a statement said.
Besides, it would also expand its omni-channel mid-segment furniture outlets - 'Sofas & More', from seven to 50 stores with an investment of Rs 50 crore.
The company is also planning for an IPO by FY2024.
"Stanley plans to expand its 3.5 Lakh sq ft manufacturing facility in Bangalore, with an additional 2 lakh sq ft to meet the growing demand and looks to increase its employee base from 1,200 to 5,000 in the next five years," it added.
The company has commissioned two new factories in 2019, one for kitchen and wardrobes and the other for premium mattress and bedding, with an investment of Rs 15 crore.
"Stanley group aims to achieve Rs 700 crore sales by FY25 from its current sales of Rs 360 crore," it said.
Presently, it operates 20 exclusive stores and 30 sales points in 10 Indian cities.
The company, is also global vendor of international brands as IKEA & La-Z-Boy and caters to the automobile manufacturers in India such as Tata, Toyota, Ford, Mahindra & Mahindra, Renault. KRH MRMR