Home and furniture products marketplace Pepperfry is expanding its house brands portfolio and retail network. It expects to double the offline studio base from 32 now to over 70 by March 2019.
The company, which closed FY 2017 with a turnover of about ₹1,000 crore, aims to be a ₹6,500 crore company by 2020 with its Housebrands contributing about a half of this projected business. The company hopes to break even within the next 12-18 months.
Hussaine Kesury, Chief Category Officer, Pepperfry, said, “The company has grown rapidly over the past six-and-a-half years and has meticulously built a catalogue of over 1.2 lakh plus products to have a differentiated product portfolio for any online and offline furniture.”
The company has over the years launched a number of house brands, such as Woodsworth, Mintwud, Casacraft, which contributed to about 50 per cent of the total business.
On the company’s specialised offering under the Mintwud brand, Kesury said it offers to furnish a One BHK apartment for about ₹50,000, which effectively works out for about ₹2,500 a month if paid over two years.
The country's furniture market is estimated to be about ₹1,50,000 crore and of this barely 10 per cent is in the organised segment. The overall online sales market is barely 2 per cent as against 15-20 per cent in some developed markets. This offers immense scope, he said.
The company has over the years built a chain of 32 studios and plans to take this up to 70 by March 2019, more than doubling the number. The expansion would be led by franchise studios, he said.