Godrej Interio, the furniture arm of Godrej Group, is looking to double its mattress segment turnover up to Rs 400 crore in the next three years.
“We have around 5 per cent market share in the organised mattress segment now but we are expecting to double our turnover in the next three years. We have a turnover of Rs 170 crore at present from the mattress segment and in the next three years we want to double it and go up to Rs 350-Rs 400 crore,” Chief Operating Officer, Godrej Interio, Anil Mathur was quoted by PTI as saying.
According to a PTI report: The organised mattress segment in the country is estimated to be around Rs 3,000 crore, growing at 8-9 per cent.
The company aims to clock a total revenue of Rs 2,000 crore this fiscal and is aiming to grow at a compounded annual growth rate (CAGR) of 15-16 per cent over the next three years.
Last year, the company had recorded a turnover of Rs 1,700 crore.
In the estimated Rs 8,000 crore branded furniture space that is growing at 10-12 per cent, the company has a market share of 15 per cent.
The business-to-consumer segment contributes over Rs 500 crore in the branded furniture space, with the remaining coming from business-to-business sector.
The company is also planning to set up a greenfield plant at Khalapur in the next two years to manufacture both furnitures and mattresses.
“We are spread over three locations — Vikhroli, Shirwal, Haridwar and we are coming with a greenfield project two years from now at Khalapur, on the Mumbai-Pune expressway,” Mathur was quoted by PTI as saying.
He, however, did not divulge the quantum of investment for the same.
Godrej Interio has presence in 700 outlets across the country, including 55 company-owned stores. It is also planning to launch its e-commerce platform this April.
“Online will play an important role in the Omnichannel strategy that we have developed. We are looking at e-commerce not just for online sales but to drive traffic to stores,” Mathur told PTI.
The company has already partnered with e-commerce players like Flipkart and Pepperfry to retail its products online and is also planning to tie-up with Amazon.
The city-based firm also exports office furniture to the Middle East.
Mathur said the company will focus on the domestic market for the next five years before looking to expand in the Middle East and Africa in a big way.