Dubai-based home furnishings retailer Marina Home plans to invest more than US$90 million to open 50 stores in India in five years.

The first of the 50 stores has been opened in the national capital. Co-founder and co-owner Khurshid Vakil said the company expects revenues to touch Rs300-400 crore in the first year.

“In the first phase, we plan to open four large company-owned stores this year in metro cities. It will be followed by boutique stores through franchise route across smaller cities and towns,” Vakil said.

Besides India, Marina Home also plans to take its brand to markets including the US, the UK and Canada.

“We are aiming to set up company-owned and managed stores in places like London, Toronto, Chicago and New York,” Vakil said.

GB