India's Hidesign eyes Africa, wants to triple revenues by 2021
Hidesign, the Pondicherry-based premium leather goods maker, is planning to expand its network outside India and is aiming to triple in revenue by 2021. The company had reported revenue of Rs 100 crore and a profit of Rs 2.4 crore in FY16.
Hidesign had expanded into six new markets last year including Kenya, Saudi Arabia and Canada. After Kenya the company began eyeing Nigeria and possibly Egypt for its next phase of international expansion.
The company is also aiming at doubling its international business which currently contributes 20% to the company’s revenue with the remaining 80% coming from the domestic business.
“We are looking at Africa as a huge opportunity for growth since we have as much chance as any other established player to do well” Dilip Kapur, founder of Hidesign told the Economic Times.
“We go to Europe the old players are already so established and the cake is not growing so it becomes much tougher. But in a new market we are equal,” he explained.
The company also plans to open 6 new outlets at airports in the next two months. The first one will open at the T3 terminal of the Delhi airport next week.
“Expansion within India is becoming harder as not many malls are coming up. So this is us looking at solutions to the problem,” said Kapur.
“We are just starting arrivals with the idea that people coming out and maybe buy a gift or two. We are looking at three new stores in Delhi and three new in Kolkata,” he added.
The company currently operates 74 stores in India, of which 10 are at airports.
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