The Bangalore-based Himatsingka Seide, traditionally an exporter of home textiles, announced on Tuesday plans to focus more strongly on the domestic market.
Addressing the media, Dinesh Himatsingka, Managing Director, said the company, which had hitherto focussed only on the luxury segment in the domestic market, plans to launch “a chain of about 120 mid-market stores across the country in 2011.” The chain of luxury stores selling its Atmosphere brand, is also likely to expand from 12 to 35, he added. In keeping with its plans at vertical integration, the company had already acquired four leading brands in the U.S. and in Italy a few years ago, Mr. Dinesh Himatsingka said.
Shrikant Himatsingka, Executive Director, admitted that the company had incurred foreign exchange losses and had “faced pressure” on account of rising raw material prices in the last quarter. “Our operating margins went down by 8-9 per cent in the last quarter because of high cotton prices, but we are taking measures to pass on the increased costs to consumers,' he said.
