Stovekraft opens 150th Store in Bengaluru

Stovekraft Ltd achieved two significant milestones in its retail journey. The company proudly announced the opening of its 150th retail store in Jayanagar, Bengaluru, alongside securing the prestigious 'Retailer of the Year' award in the kitchen appliances category at the Asia Retail Congress, Mumbai.

Within a short span of 15 months since embarking on its retail journey in June 2022, Stovekraft expanded from 100 stores in September 2023 to 150 stores in January 2024. This rapid growth underscores the company's commitment to expanding its retail presence in India, providing employment opportunities, and increasing accessibility to innovative kitchen essentials.Rajendra Gandhi, MD, Stovekraft Ltd said, “We are thrilled at expanding the reach of our range of kitchen essentials closer to consumers across cities in both metro and non-metro areas. Through this effort, our focus is to create numerous job opportunities, support local talent, and contribute to the overall economic growth. At the same time, winning the Global Excellence Award ‘for Retailer of the Year’ is a testament to our relentless dedication to delivering exceptional products and services to our valued customers.”

As India grapples with an overall unemployment rate of 7.95 percent (as of July 2023, according to CMIE), Stovekraft's expansion becomes a catalyst for employment, particularly for women. Notably, 80 percent of Stovekraft's current workforce comprises women, aligning with the nation's focus on empowering women in the workforce.

In a move to promote entrepreneurship, innovation, and inclusivity, Stovekraft introduced a franchise opportunity for women with zero capex investment. The initiative received an overwhelming response, with over 500 women entrepreneurs applying for the opportunity. The company is also investing in creating more outlets through the Company-Owned, Franchise-Operated (COFO) model, fostering greater entrepreneurial participation with lower capital outlay.

Presently, Stovekraft has a presence across Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Kerala, and New Delhi, with recent expansion in the Northern market. The brand is planning further expansion in Western India and increased penetration in the North, continuing to generate employment opportunities and contribute to the economic landscape of the regions it operates in.

Stovekraft remains committed to setting new benchmarks in the kitchenware industry, focusing on innovation to provide cutting-edge and reliable kitchen solutions to its valued customers. The recent milestones reflect the company's vision for the future as it continues to evolve and meet the diverse needs of the Indian market.