Godrej’s furniture arm will add 100 stores annually | Jobs Recent


Godrej Interio, the business unit of Godrej and Boyce, plans to open 100 stores annually in the next three to four years. The touch and feel experience is essential to the furniture business, so the company plans to have a larger footprint, says Swapneel Nagarkar, senior vice president and business head at Godrej Interio. It currently has 400 outlets across the country and generated INR 2300 crore in revenue in FY22.

“While more customers are online now than before the pandemic, offline experience centers are still essential,” said the vice president. Without including the cost of real estate, he noted that the cost of setting up an outlet can range from ₹ 70 lakh to ₹ 1 crore, depending on the location.

The furniture company is also developing 50 to 60 new products that they plan to launch in five to six months, Nagarkar said. “Customers are becoming sensitive to price ranges and as we cater to the mid- and upper-mid segments of the market, we are redesigning our products to make them more attractive. These products will satisfy the essential functional requirements of customers, equip them with good aesthetics and be marked at affordable prices. This would apply to both business to consumer (B2C) and business to business (B2B) – home business and office business,” he added.

Export business

The company plans to expand its export activity, as it believes that the global market has opened up more after the pandemic.

“Although our efforts are focused on the domestic market, it is always better to have some reserve, we want to increase exports. We intend to take a mixed approach, which means that we will not be physically present everywhere. In addition, we are also exploring some OEM opportunities to partner with more international entities,” Nagarkar explained.

The company has a Chennai unit, which is a fully export-oriented unit, and manufactures office space for export to countries like Australia and Canada, the vice-president said. “In addition to this unit, we also export some other products that we manufacture in some other locations. Overall, our exports are in the range of around Rs 75-84 crore annually,” he added. Godrej Interio has 11 manufacturing facilities across the country.

The company expects to end FY23 with a turnover of ₹2,700-2,800 crore. With 3,000 employees in its operations, the company manages three main verticals: B2B, B2C and turnkey projects – infra business.





Source link