Buying functional furniture for the house is a practice that continues to grow the furniture sector but there is an increasing market for those willing to pay a premium to buy customised furniture. Godrej & Boyce, furniture and interior solutions brand and a player in the sector, is investing Rs 50 crore towards innovation and business strategy over the next three years. This is being done with the launch of a new platform ‘One Godrej’ through its U&Us centres that aim to give consumers the entire gamut of home solutions from across the group.
U&Us plans to strengthen its reach in 20 key markets in India with an expanded network of 50 centres by 2025. Of these, seven large formats One Godrej experience centres will be operational across seven markets in FY2020. With this, U&Us expects to touch a revenue of Rs 1,000 crore by FY2025, said Nyrika Holkar, executive director, Godrej & Boyce said. "We have recently opened our first centre at Thane in Maharashtra. We expect a CAGR of 25 percent from these lines of businesses over the next three years,” Holkar said.
A customer can co-create his/her design home with the company's design studio and also use some concepts that the latter has. The design element is available free of charge. Based on the various choices of materials that the customer makes and products chosen, the budget for a two bedroom kitchen flat of around 700 carpet area could range from Rs 5 to Rs 15 lakhs.
U&Us has invested over Rs 10 crores in technology to enhance the customer experience as part of its innovation strategy. Since three years of U&Us' launch, the group has customised 600 homes across four cities -- Mumbai, Pune, Hyderabad and Bangalore.
The furniture sector in India is estimated to grow over Rs 50,000 crores. Godrej Interio expects growth of 15-20 percent in the coming years. The retail furniture arm of Godrej Interio has seen growth in the last three years with 2,000 plus points of presence across India and a CAGR of 15 percent while the industry is growing at 7-8 percent, said Anil Mathur, COO and Business Head, Interio Division. The group caters to both homes and offices as segments in the furniture category.
The major challenge the sector faces is to get carpenters and designers used to the old way of working with plans drawn on paper or auto-CAD for designers to reorient themselves to a tech-enabled world. The company is making them industry ready through a series of workshops, said Mathur.
Your guide to the latest cricket World Cup stories, analysis, reports, opinions, live updates and scores on https://www.firstpost.com/firstcricket/series/icc-cricket-world-cup-2019.html. Follow us on Twitter and Instagram or like our Facebook page for updates throughout the ongoing event in England and Wales.
Updated Date: Feb 27, 2019 18:06:28 IST