Singapore-based sofa manufacturer HTL is planning to invest USD 80 million in the next five years to increase its India manufacturing capacity to serve the domestic market and international market as well.
Till present, the company has already spent USD 12 million to establish its manufacturing in the country. In India, HTL is expanding its manufacturing capacity in cities including Pune and Chennai. The Pune unit will majorly cater to the domestic demand and the Chennai unit will cater to both domestic and international demand, according to the company.
As the firm sees immense growth potential in the furniture market in India, it is increasing its retail presence across metro and tier-1 cities. With its premium furniture brand HomesToLife, it plans to open 25 outlets across 15 major cities across India over the next 12-18 months.
It has already opened 7 stores till August 2023, and in this fiscal, it expects to reach a total of 15 stores which will be a mix of company-operated stores and franchise-operated stores. On the back of its expansion plans in India, the brand expects to achieve a target of Rs 150 crore in gross sales by the end of this fiscal year.