FURNITURE THAT SPELLS CLASS

With a rapidly growing economy and highly aspiring consumer base, India has an increased appetite for foreign brands – particularly in the furniture and interior space. As such, many global brands are heading to India and looking at a bigger pie from the market. For instance, Denmark-based BoConcept, a premium furniture and accessories brand, has set up shop in India via its exclusive franchise partner Zoe Concepts. Says Navin Khanna, Director, Zoe Concepts, “There is a void in the interior space for high-quality finished products designed by world-class designers. We believe that BoConcept will successfully fill that void in the market.” Talking about the brand’s USP, he says, “What makes us unique is our ability to customise each piece to suit the individual style of our buyers. It’s more than a great design, it’s a concept.”

Targeting Small Towns Too

The appetite for global products is not just limited to metros and Tier I cities. It also exists in cities beyond metros. Selim H. Rahman, CMD, HATIL Complex, Bangladesh, says, “Observing the increasing growth potential in Tier two cities, we have entered the Indian market from Chandigarh.” The brand has recently made a debut in India. The company has 65 franchise stores besides five exclusive stores in Bangladesh. “We are following the franchise model in other countries also, including India. Here we shall carry out our expansion plans more consciously by sensing the nerve of the market and perceived competition. We intend to set up 25-30 stores in about three years,” he adds.

Bridging Luxury Gap through EMI

The Indian market is growing and in the process of adapting luxury furniture. Hence, for many players, the EMI scheme is working well to lure potential consumers. Sunil Suresh, CEO of Stanley Furniture (which has recently brought Italian furniture brand Cierre to India), says, “The shift to luxury has been recent. People now have luxury homes and purchase luxury products for their homes,” he says. “The EMI scheme works well for us. Customers can purchase luxury furniture and indulge at their will,” he adds. With the rising demand for luxury furniture, the Indian market will be a main force in this segment in the coming years, experts opine.

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