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Intex Technologies Ltd, known for its mobile phones and consumer durable products, is now looking to make a mark in the modular furniture business.
The company will soon be offering modular furniture products through an online-to-offline multichannel route, under the brand “DecoVeco.”
Intex has been on a diversification drive and just last month had announced its entry in the e-commerce space.
The group had ventured into the modular kitchen business in the B2B category, targeted at real estate developers, about three years ago. It is now looking to expand to the entire range of modular furniture products, servicing both the B2B and B2C segments.
“With the furniture industry still largely unorganised, we believe there is a huge untapped potential. There is demand for modular furniture not just in the urban centres but also in tier-1 and tier-2 cities,” said DK Jairath, Chief Executive Officer (Furniture & Interiors Business), Intex Group.
Digital platformThe company will be launching its online platform under the DecoVeco brand sometime this month, offering its entire range of modular furniture products.
At the same time, the company is planning to launch its pilot experience centre in Delhi this month.
“Under brand DecoVeco, we plan to have concept-based modular furniture retail stores that will offer solutions for homes, offices and kitchens. At the same time, we will also launch our digital platform to offer a seamless buying experience for consumers.” he added.
The company aims to earn revenues of about ₹100 crore by March 2019 through this business and will initially focus on establishing its presence in the northern region.
“By the end of this financial year, we hope to have about 10-15 stores. We believe there is potential to have 4-5 stores in the Delhi-NCR region alone. In the first phase, we will also look at establishing an offline presence in Chandigarh, Jaipur, Lucknow and Dehradun,” Jairath said.
These will be a mix of company-owned experience centres and dealer-owned studio-format retail stores. The company hopes to sell its modular furniture products through retail stores by the end of the next financial year.
Jairath said the brand would have a “mid to upper-mid” positioning and that the company would offer its modular furniture solutions through its facility at Baddi, in Himachal Pradesh.
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