Business Bureau :
The company plans to invest Rs 100 crore over the next 3 years, to strategically expand its retail reach, introduce new product offerings and segments, and explore international collaborations, among others
Spacewood Furnishers Pvt. Ltd., one of India’s largest manufacturers of modular furniture, announced its ambitious growth plans to achieve annual revenue worth Rs 1,000 crore by FY 2025, from its FY 2020 annual revenue of Rs 500 crore, by pursuing double digits CAGR growth rate. Further, the company plans to invest Rs 100 crore over the next 3 years, to strategically expand its retail reach, introduce new product offerings and segments, and explore international collaborations, among others. Spacewood has been setting new benchmarks in modern design and concept furniture, especially for kitchens, wardrobes and bedrooms.
Under their home furniture range, the brand is set to launch a unique Shop in Shop ‘Bedroom concept’, which will be exclusively available at large multi-brand stores. Their kitchen and wardrobe designs are currently available across 30 exclusive stores, apart from multi-brand and other sales channels, and the company aims to expand to 100 stores with smaller and bigger formats, scaling up its presence from the current 18 cities to 30 cities in India. Spacewood aims to venture into new sectors by collaborating with the US based Cramer LLC, and aims to introduce a range of hospice and modern laboratory furniture solutions, for the Indian market.
With an extensive design collaboration with Tim Wallace, Spacewood is set to bring stylish workstation solutions for Indian offices, and help cater to the changing work trends in the new normal. Kirit Joshi, Co-founder and Director, Spacewood Furnishers Pvt. Ltd., further elaborated that, “The Indian furniture consumption trends have been dramatically disrupted with the pandemic and the new work from home trends, which has led to an increased demand for modular, multi-functional and customised furniture for home-offices and home-schooling, that can be bought online instead of from the traditional stores.” Joshi said, “These trends have changed the face of furniture retail across the urban market as well as in smaller towns and tier 2 cities.
The above trends in furniture sector, coupled with positive manufacturing trends, like ‘Make In India’, introduction of 100 % FDI in contract manufacturing and the efforts to make India the manufacturing hub of the world, are all going to instrumental in the growth of Indian furniture manufacturing sector. And we at Spacewood, aim to leverage this to achieve rapid, inorganic growth in the next three years, with foray into specialised healthcare furniture and educational furniture.” Additionally, Joshi said, “we are expanding our retail presence, from 18 cities to 30 cities and aim to retain our leadership presence across online and offline furniture market, with an expansive consumer base, catering to public and private sector offices, builders, dealers, online sales, and stand-alone retail stores.”