Godrej Interio aims to capture a 25 per cent share of the organised furniture market in the next three years and is targeting a turnover of $1 billion by FY’2017, a top company executive has said.
“On the back of the growing demand for our products, we are aiming to capture 25 per cent market share of the organised furniture segment in another three years. At present, we are enjoying around 20 per cent market share,” Godrej Interio COO, Mr Anil Mathur said here.
The total furniture market in the country is estimated at around Rs 40,000 crore, of which only up to 15 per cent is organised, he said.
The company, a business unit of Godrej & Boyce, has ramped up its portfolio in the last two years through four international marketing tie-ups.
“We have signed exclusive marketing agreements with Korea’s Sejin for marine accommodation solutions, Japan’s Itoki and the US’ Knoll Inc for office furniture. Recently, we tied-up with Netherlands’ LINET Group for hospital and nursing home furniture and with this, we are now present in almost all the furniture verticals,” he said.
Mr Mathur added that there is a definite market for hospital and nursing home furniture in the country, especially for top-end products in the motorised bed category to take care of critical requirements of long—term immobile patients.
The company, he said, is targeting $1 billion turnover by 2017. “The company’s revenue in FY’11 stood at Rs 1,200 crore and we are expecting it to go up by 25 per cent to about Rs 1,500 crore in FY’12. We have set a target of $1 billion by FY’17.”
All these marketing tie-ups will later be expanded to production agreements, depending on the market scenario, he said.