In the next 18 months, House of Neeru’s plans to open 6-7 stores in Telangana, Hyderabad, and Bengaluru
Hyderabad: Ethnic fashion brand, House of Neeru’s has forayed in the jewellery line with the launch of its new brand ‘Tyohaar’ according to a report in ETRetail.com.
The brand will be offering silver jewellery and has opened its first store in Hyderabad, according to the report. The newly opened store spans 3,000 sq.ft.
“We are expecting an ROI in the next 18-20 months,” Avnish Kumar, Managing Director, House of Neeru’s told.
“We wanted to diversify from the apparel segment and introduce something that compliments women’s ethnic wear, so, we decided to introduce a silver jewellery brand. Initially, we have invested Rs 12 crore to open the first store of Tyohaar,” Kumar further explained.
The newly-launched brand offers 5,000 SKUs with price ranges between Rs 4,000 to Rs 4 lakh.
In the next 18 months, House of Neeru’s plans to open 6-7 stores in states such as Telangana, Hyderabad, and Bengaluru, the report informed.
“Currently, we plan to open our stores on the high streets and subsequently, we will be opening in the malls. The average store size will span across 2,000 -3,000 sq.ft and the CAPEX involved to open one store stands at Rs 5-7 crore,” Kumar was further quoted as saying.
At present, the brand will only be available online.
House of Neeru’s has 44 ethnic fashion stores at the moment and is targeting a 5-8 per cent revenue hike this fiscal.
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