Over 70% of furniture market still unorganized in India
Hyderabad: India’s furniture market was valued at around $20 billion this year and the luxury furniture market occupies 15-20%, says Sunil Suresh, founder and CEO of Stanley lifestyles Ltd, which has a 10% market share. He said: “About 60-70% of the furniture market is still in the unorganized segment and it is migrating very rapidly to the organized sector.”
In an exclusive interview with Bizz Buzz, he said, “The Union government wants to protect domestic players under the ‘Make in India’ initiative. This will boost the organized furniture market in the country. As As a luxury furniture retail brand, we are seeing a 20% year-over-year growth rate.”
After making sales worth Rs 500 crore last year, the Bengaluru-based company has set an ambitious target to double its revenue to Rs 1,000 crore by 2025. It currently operates more than 41 stores in 17 cities across the country. It has aggressive expansion plans to have 100 stores all over India within the next three years.
The Stanley Group CEO added: “From 2025 we want to go global by opening stores in London, New York and Dubai. Stanley is a cash-rich company, it has been debt-free for four years and has been profitable for more than a decade. All our expansion plans come from internal regularizations.
“The company already has a dedicated factory in Bengaluru to supply white label furniture products to global organizations such as Toyota, Ford and IKEA. In an effort to exponentially expand our own business operations, we have integrated vertically with two state-of-the-art facilities in the same city. We currently employ over 1,400 people,” he added.
Asked about the competition from global furniture giant IKEA in Hyderabad and its upcoming store in Bangalore, Sunil said, “IKEA is not a competitor to our brand as it is mass production. luxury furniture segment, which is not It took us 25 years to be pioneers in this field, and it will take longer for a foreign player.”
Stanley has earned the remarkable position of being the first local luxury furniture brand to source globally for design, materials, techniques and strongly compete with international brands. Today, the brand boasts deep domain expertise and capabilities to design and manufacture the latest trends in high-end furniture and lifestyle accessories.
As a trusted supplier to American furniture retail companies like Williams-Sonoma and Pottery Barn, Stanley incorporates world-class quality and reliability into every facet of its operations. It began operations in 1996 and operates in various formats – Stanley Personal, Stanley Boutique, Sofas & More and Stanley Level Next.
Stanley Personal features budget furniture, while Stanley Boutique offers mid-range furniture boutiques. Sofas & More and D8 stores focus on selling imported furniture. Outside of these three segments, he pioneered the luxury home solutions brand Stanley Level Next in the pre-Covid era.
The company had three Stanley Level Next outlets – two in Bengaluru and one in Cochin until recently. Last month, it opened a fourth outlet in Hyderabad with an investment of Rs 8.5 crore. The 12,000 square foot store is designed to provide a highly immersive design experience. It houses a very curated range of furniture, cabinets, accessories and home solutions under one roof. Along with this store, Stanley also launched the best kitchens and cabinets under the Cabinetry Cult brand. Combining German precision manufacturing, French carpentry techniques and Italian design sensibilities, it offers an elite range of kitchens and cabinets in a variety of styles, colors, sizes and floor plans offering customers a range of styles and layouts.