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.
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This story is from the September 29, 2024 edition of Business Today India.
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