American top home furniture chain Ashley Furniture Home Store, which has entered the Indian market, plans to open 100 stores across India over the next three-five years to tap the growing segment in Asia’s third biggest economy, a top official said.
“We are very bullish on the Indian furniture market, which we want to aggressively tap for growth,” Robin Lim, vice president of sales at Ashley Home Stores, Asia told Financial Chronicle. It is one of the largest manufacturers of home furniture in the world, selling its product under the brand Ashley worldwide.
The top brand in America for the last eight straight years, which grossed total sales revenues of $3.3 billion in calendar year ending December 2016 in the US alone, competes with Swedish furniture giant Ikea, which grossed Euro 34.2 billion in sales revenues in fiscal ending August 2016.
Established in 1945, Ashley is one of the largest manufacturers and retailers of home furniture in the world and number one in the US with over 695 locations in 28 countries.
The 71-year-old brand, which entered the Indian market through licensing format, opened its first store in Bangalore in December 2016 with its 700 imported SKUs (stock keeping units).
Last weekend, it opened its second store in Pune at Ishany, India’s first and largest home lifestyle destination. This new store spread over 12,000 sq ft, has been set up with an investment Rs 3 crore, including interior décor and over 1,000 stock keeping units. It will showcase living rooms, dining rooms, bedrooms, home accents, mattresses as different living styles that Ashley is known for.
“After Pune, we will open a second store in Bangalore in March 2017, which will take the tally to three stores in the country,” Lim said, adding that the brand was scouting for right partners to expand its footprint to 100 licensing stores across metros and other cities over the next three-five years.
Lim said the brand has 12 factories, out of which eight were based in the US, three in Vietnam and one in China. “We manufacture 3 crore pieces every year for the global market,” he said, adding that its products were the same at any market in the world.
“The store’s style lineup will include thoughtfully designed living styles such as Urbanology, Vintage Casual, Traditional, Contemporary and New Traditions,” Mahesh M, CEO at Ishany told Financial Chronicle. He said a dining set of 4-6-8 seater would cost in the range of Rs 50,000 upto Rs 1.5 lakh. Beds carry a price tag between Rs 75,000 and Rs 1.5 lakh while sofas would be priced at Rs 75,000 to Rs 3 lakh range.
“We are catering to the increasing aspirational lifestyle demand and we are bullish that this American brand will pick up sales,” Mahesh said. He said as homemakers move from ascribed to aspired identities, Ishany has been the only specialty home and decor destination to offer customers the choicest selection range curated from India and abroad.
“Ishanya, being positioned as a home and interior’s destination, fits perfectly into our market strategy in western Indian market,” Lim said.
Mahesh said home décor and interior industry in the country is going through a rapid change along with organised retailing. “Over the last five years, India has emerged as one of the fastest growing markets for home furnishing products in APAC. According to Redseer Consulting Report, the home furniture industry in India was worth $25 billion in 2016 and by 2020, it is expected to grow to $35 billion,” Mahesh pointed out.
He said rapidly increasing disposable incomes, aspirational buyers, who look forward to improve their lifestyles with greater international exposure, were fueling the growth of international furniture brands in the country.
He said Ishanya, spread over 4 lakh sq ft are with more than 60 per cent dedicated to home retail brands, is home to over 80 home furniture and furnishing brands from across the country and overseas.
michaelgonsalves@mydigitalfc.com
“We are very bullish on the Indian furniture market, which we want to aggressively tap for growth,” Robin Lim, vice president of sales at Ashley Home Stores, Asia told Financial Chronicle. It is one of the largest manufacturers of home furniture in the world, selling its product under the brand Ashley worldwide.
The top brand in America for the last eight straight years, which grossed total sales revenues of $3.3 billion in calendar year ending December 2016 in the US alone, competes with Swedish furniture giant Ikea, which grossed Euro 34.2 billion in sales revenues in fiscal ending August 2016.
Established in 1945, Ashley is one of the largest manufacturers and retailers of home furniture in the world and number one in the US with over 695 locations in 28 countries.
The 71-year-old brand, which entered the Indian market through licensing format, opened its first store in Bangalore in December 2016 with its 700 imported SKUs (stock keeping units).
Last weekend, it opened its second store in Pune at Ishany, India’s first and largest home lifestyle destination. This new store spread over 12,000 sq ft, has been set up with an investment Rs 3 crore, including interior décor and over 1,000 stock keeping units. It will showcase living rooms, dining rooms, bedrooms, home accents, mattresses as different living styles that Ashley is known for.
“After Pune, we will open a second store in Bangalore in March 2017, which will take the tally to three stores in the country,” Lim said, adding that the brand was scouting for right partners to expand its footprint to 100 licensing stores across metros and other cities over the next three-five years.
Lim said the brand has 12 factories, out of which eight were based in the US, three in Vietnam and one in China. “We manufacture 3 crore pieces every year for the global market,” he said, adding that its products were the same at any market in the world.
“The store’s style lineup will include thoughtfully designed living styles such as Urbanology, Vintage Casual, Traditional, Contemporary and New Traditions,” Mahesh M, CEO at Ishany told Financial Chronicle. He said a dining set of 4-6-8 seater would cost in the range of Rs 50,000 upto Rs 1.5 lakh. Beds carry a price tag between Rs 75,000 and Rs 1.5 lakh while sofas would be priced at Rs 75,000 to Rs 3 lakh range.
“We are catering to the increasing aspirational lifestyle demand and we are bullish that this American brand will pick up sales,” Mahesh said. He said as homemakers move from ascribed to aspired identities, Ishany has been the only specialty home and decor destination to offer customers the choicest selection range curated from India and abroad.
“Ishanya, being positioned as a home and interior’s destination, fits perfectly into our market strategy in western Indian market,” Lim said.
Mahesh said home décor and interior industry in the country is going through a rapid change along with organised retailing. “Over the last five years, India has emerged as one of the fastest growing markets for home furnishing products in APAC. According to Redseer Consulting Report, the home furniture industry in India was worth $25 billion in 2016 and by 2020, it is expected to grow to $35 billion,” Mahesh pointed out.
He said rapidly increasing disposable incomes, aspirational buyers, who look forward to improve their lifestyles with greater international exposure, were fueling the growth of international furniture brands in the country.
He said Ishanya, spread over 4 lakh sq ft are with more than 60 per cent dedicated to home retail brands, is home to over 80 home furniture and furnishing brands from across the country and overseas.
michaelgonsalves@mydigitalfc.com
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