Home Fashion Industry Financial Jaipur Rugs Stores: Jaipur Rugs aims to be a Rs 1,000 cr business in the next fiscal year; open new stores in Europe, Southeast Asia

Jaipur Rugs Stores: Jaipur Rugs aims to be a Rs 1,000 cr business in the next fiscal year; open new stores in Europe, Southeast Asia

0
Jaipur Rugs is aiming to be a Rs 1,000 crore business in the next financial year, aided by expansion in domestic and overseas markets as the handmade rug maker has opened a new store in Europe and is also eyeing the Southeast Asian markets, a company official said.

The company opened a flagship store in Milan, Italy, considered one of the fashion capitals of the world, in December 2021, furthering its vision to be a global brand in the segment, Yogesh Chaudhary said. , manager of Jaipur Rugs.

In addition, the company also plans to expand its presence in the domestic market, which accounts for only 7% of its revenue and expects its contribution to increase in total sales.

“We are optimistic about the growth patterns of our domestic and export markets. We are a young company in the domestic market and it contributes 7% of our group’s turnover, with the rest coming from exports.

“We expect to bring it up to around 12-15% by the end of next fiscal year,” Chaudhary told PTI.

Jaipur Rugs Group’s overall revenue stood at around Rs 500 crore in FY21 and expects to end FY22 with Rs 700 crore marking a 40% growth over the course of of the fiscal year affected by the pandemic.

According to the company, it produced 32 lakh square feet of carpets in the last seven months of 2021.

Currently, Jaipur Rugs has five single-brand stores in India and exports to over 60 countries.

Additionally, it operates in the US market through a declining entity “Jaipur Living” and also operates stores in Italy, China and Russia.

“My vision is to make Jaipur Rugs a global brand and the opening of our flagship store in Milan is the first step in realizing this vision. This store has not only marked our presence in the European market but will also be a catalyst for other European markets,” he said.

Apart from Europe, Southeast Asia region is also an important market for Jaipur Rugs and is exploring various channels to tap into this region as well, Chaudhary added.

“Hopefully Jaipur Rugs will be a Rs 1,000 crore bunch by next financial year,” Chaudhary said.

While talking about the domestic market, Chaudhary said that Jaipur Rugs is getting an encouraging response and plans to expand beyond metropolitan markets.

“India is a dynamic market for us and we are committed to expanding our base here not only in metros but also in Tier II cities,” he said.

Chaudhary added: “The type of response we have received from the domestic market is encouraging and we expect the domestic market to also contribute to our vision of quadrupling our revenue in the coming years.

Jaipur Rugs was founded in 1978 with two looms and nine artisans. Today, it has 7,000 looms and works with more than 40,000 artisans in 600 villages in five states, 80% of whom are women.