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India: Bombay Dyeing Bets on Homewares to Grow Business

Leading Indian textile company Bombay Dyeing is anticipating future growth in its domestic textile business, thanks in part to new stores and new home furnishing products geared toward the 25-35 age group.

According to The Economic Times, the company reported a loss of Rs 53.63 crore ($8.9 million) for the quarter ended June 20, 2014. However, its textile segment saw revenues increase 23 percent to Rs 134.73 crore ($22.3 million) for the quarter, compared to the same period the year prior.

Bombay Dyeing CEO of retail Ashok Kaul said, “We have grown last year with the new initiatives taken about 18 months before. We are aiming at more than 20 percent growth in revenue from domestic textile business in the current fiscal.”

The company recently introduced mattresses to its offerings. Kaul said the company will be introducing housewares, accessories and more products in the future.

Bombay Dyeing also plans to open 50 newly designed flagship stores in 2015 in order to extend its reach to more modern and younger generations. The company currently has 350 stores across India.