Comments
House of Kieraya (HoK) has launched a luxury furniture and lifestyle brand, Prava, and plans to open its first experience center in Bengaluru. The company will be taking an omnichannel approach with the launch of Prava. HoK plans to open experience stores for customers to touch and feel their products before they make a purchase.
While the first few experience centers will be opened in tier 1 and metro cities, the company has done a soft launch and believes the demand for such a product is not just in metros but actually in tier 1 and tier 2 cities. While HoK serves 13 major urban cities in India, Prava is currently being launched in Delhi, Mumbai, and Bengaluru, and other cities are expected to follow soon.
Exchange programme
“The furniture bought through Prava can be sold back to the brand for 50 per cent of the original cost after three years, and 25 per cent after three years. Other companies use exchange programmes as an acquisition strategy, whereas what we are doing is part of the larger brand strategy. When we buyback a furniture piece, we refurbish and sell it through Furbicle or rent it out on Furlenco,” Ajith Karimpana, CEO and Founder, House of Kieraya, told BusinessLine.
Also see: Rentomojo raises ₹145 crore in debt and equity round
Prava differentiates itself in the furniture retail space with its Freedom Circle programme, which is a 10-year buyback guarantee, enabling customers to return the furniture for credits that can be redeemed for new designs. The array of products currently available on the website are sofas, beds, soft furnishings, dining, study tables, rugs, and home decor items, with key categories priced in the range between ₹20,000 to ₹1,00,000.
Going forward
By the end of this financial year, HoK expects to touch 5x of the revenue that it did last year. The company is operationally cash flow positive and expects to become free cash flow positive by mid next year.
“With Prava, we are aiming to hit ₹100 crore in the next year. Our annual collections will showcase a blend of well-designed, functional furniture with trend-driven aesthetics. Prava’s furniture is not just manufactured, but created for the modern Indian, by our award-winning design team,” said Vaibhav Laddha, Head of Prava. This season's collections are Floral Affair, Abstract Energy, BOHO Earth, and Eclectic Glamour.
Prava also includes soft furnishing and home decor, he said, adding that the brand also plans to enter the kitchen and bed and bath categories in the future.
HoK now includes three brands — Furlenco, a furniture rental brand; Furbicle, which sells remanufactured furniture; and Prava, a luxury furniture and home lifestyle brand.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.