IN INDIA, A land where tradition and modernity collide with every sunrise, a quiet revolution is reshaping the furniture industry. For decades, the Indian furniture market has been synonymous with local craftsmanship and heritage brands, steeped in history. But, this landscape is gradually transforming to become a vibrant playground for global luxury brands.
International names such as Poltrona Frau, Pottery Barn and IKEA have introduced their design philosophies and craftsmanship to the Indian market. The $20-billion Indian furniture market—the fourth-largest globally—is expected to see a CAGR (compound annual growth rate) of 14% to reach $34 billion by 2028, according to data from Deloitte. However, it is worth noting that a significant portion of this market remains unorganised. The organised sector currently accounts for just 21% (around $4 billion) of the market. But its share is expected to more than double to $8.1 billion by 2028. This offers a substantial opportunity for brands to scale and increase market penetration, driving the growth of branded furniture.
THE GLOBAL INVASION
Nicola Coropulis, CEO of Poltrona Frau, has been busy. On a recent visit to India when he met Business Today, his time was taken up by visits to the company’s flagship store in Mumbai, and meeting distributors from across the country. Poltrona is known to partner with famous designers and architects, and has a presence in over 100 countries.
In India, the company opened its first store in Mumbai in 2010, and has since collaborated with local talent to craft its iconic array of home décor.
This story is from the September 29, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 29, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
"Focus on the challenge of each customer"
SHASHANK KUMAR MD & CO-FOUNDER I RAZORPAY Razorpay is India's first full-stack financial solutions company
PEDAL ON THE FUTURE
THE MG WINDSOR EV, WITH ITS FUTURISTIC AND MINIMALIST DESIGN, COMBINES THE BEST OF BOTH WORLDS-COMFORT AND TECHNOLOGY
BREATHE EASY
Whether you're battling allergies, looking to remove pollutants, or simply want to breathe easier, the right air purifier can make a difference
The Taste of India in a Glass
FROM ROYAL LIQUEURS TO DISTILLED MAHUA, INDIAN HERITAGE ALCOHOLIC BEVERAGES ARE HAVING THEIR DAY IN THE SUN
LOOK BEFORE YOU LEAP
IN 2025, INVESTORS WILL NEED TO FACTOR IN VOLATILITY ACROSS ASSET CLASSES
MISSING ADVISORS
INDIA HAS JUST ONE INVESTMENT ADVISOR FOR NEARLY EVERY 200,000 INVESTORS. AT A TIME WHEN RETAIL PARTICIPATION IN THE STOCK MARKETS IS BOOMING, THIS ASSUMES SIGNIFICANCE
TURNING A CORNER
SHARED ELECTRIC MOBILITY START-UP YULU'S SHIFT TO SERVICING THE QUICK COMMERCE SECTOR IS HELPING IT GROW FAST. IT IS NOW FOCUSSING ON IMPROVING ROAD SAFETY FEATURES AS IT TURNS EBITDA POSITIVE
REALITY CHECK
INDIAN STOCK MARKETS PLUNGED BEGINNING OCTOBER FOR A HOST OF REASONS, INCLUDING A FALL IN FII OWNERSHIP. HOW DEEP WILL THE CORRECTION BE?
TRUMP'S TRADE TANGO
The return of Donald Trump as the 47th President of the US has put the global economy on edge. India, too, is unlikely to remain unaffected. How will policymakers meet this latest challenge?
"The essence of the Trump administration will be transactional”
Global investor, analyst, and best-selling author Ruchir Sharma decodes why Donald Trump won the elections, what India should do, the risks, and more
