Saturday, Apr 27 2024 | Time 00:29 Hrs(IST)
image
Business EconomyPosted at: Jan 25 2020 6:00PM


No impact of slowdown on home furnishing segment: Guj entrepreneur

Ahmedabad, Jan 25 (UNI) The economic slowdown, affecting major sectors like automobile, manufacturing and real estate in the country, has failed to dent the home furnishing segment, which continued an upward trend, registering bumper sales of bed-sheets, towels and similar products, a renowned Gujarat-based businessman, said on Saturday.
According to Sudarshan Golecha, founder of Trecento Store Pvt Ltd, that owns the leading Vintana brand for bed, bath and decor segments, more than 23 crore branded bed-sheets were being sold each year across the country and if the non-branded items are also included the number would be manifold higher.
The branded bed-sheet business alone was of over Rs 10000 crore and it has not seen any decline due to the so-called economic slowdown, he added.
Talking to newspersons here, Mr Golecha said that only eight per cent of it's market across the country was branded or organised and the rest 92 per cent was unorganised, due to which there was also a vast scope or expansion for the branded players.

''People continue to buy these items. Some of the retail points, which reported a decrease in sales figures, faced it due to the fact that now buyers have more options, including online purchases,'' said Mr Golecha, whose brand was also sold on prominent e-commerce platform Amazon.

''The overall sales was steady, but due to availability of more stores and online things, some of them might see a decline in sales. However, it is not due to any slowdown,'' he said.

Mr Golecha said that such items were sold through mainly three types of retail points in urban areas- Large Format Stores (LFS) like Star Bazar and Multi-Brand Outlets (MBO); mid-sized stores that sell various brands under one roof and Exclusive Brand Outlets (EBO), owned by big brands.
''In the coming five years or so, the MBO's would be virtually wiped out as they won't be able to face the stiff competition on price front from the LFS and EBO, the former of which could lower the prices due to the sheer large volume of sales and the latter, due to selling it's own brand.
''In the coming years, only LFS and EBO would rule the market,'' he added.

Mr Golecha said that his company would also open at least 10 EBO's across the country in the coming times.
''We have recently opened one such store in Ahmedabad, the headquarters of our company. In the near future, it would be opened at Bangaluru and Pune and later, in other parts of the country.
''Our EBO is the only one across the country with 'made-to-measure' feature, which means that any customer can select the fabric, colour and size of his bed-sheet and other such items for a customised order of the same,'' he added.

According to Mr Golecha, his company has also made a unique strategy to further increase it's sales through online platforms. It has designed the strategy in such a way that it would be able to retain it's customers through it.

To a query, he said that his company mainly targeted the middle and upper middle class customers through premium quality sector (bed, bath and decor) at affordable prices.
UNI RAJ RJ 1800
Please log in to get detailed story.
Tags: #No impact of slowdown on home furnishing segment: Guj entrepreneur
More News
Sensex nosedives 609 28 pts

Sensex nosedives 609 28 pts

26 Apr 2024 | 5:26 PM

Mumbai, April 26 (UNI) Snapping a winning streak of last five sessions, the BSE Sensex on Friday, the last session of the week, tanked 609.28 pts to settle at 73730.16 amid mixed global cues.

see more..
Maruti Suzuki net profit surges 48 pc to Rs 3,878 crore in Q4

Maruti Suzuki net profit surges 48 pc to Rs 3,878 crore in Q4

26 Apr 2024 | 5:00 PM

New Delhi, April 26 (UNI) On the back of solid volume growth, the country's largest carmaker Maruti Suzuki on Friday reported 47.80% jump in standalone net profit at Rs 3,877.8 crore for January-March period (Q4) of financial year 2023-24.

see more..

Shriram Finance net jumps 57 pc to Rs 2,021 cr in Q4

26 Apr 2024 | 3:52 PM

New Delhi, April 26 (UNI) Shriram Finance on Friday reported 56.91% year-on-year jump in consolidated net profit at Rs 2,021.28 crore for the January-March period (Q4) of financial year 2023-24.

see more..
Maruti Suzuki gets show-cause notice from Legal Metrology dept

Maruti Suzuki gets show-cause notice from Legal Metrology dept

26 Apr 2024 | 2:39 PM

New Delhi, April 26 (UNI) The country's leading carmaker Maruti Suzuki India on Friday said that it has received a show-cause notice from the Legal Metrology office in Rishikesh, Uttarakhand.

see more..

Onkar Kanwar gets Lifetime Achievement Award

26 Apr 2024 | 2:08 PM

Kochi, April 26 (UNI) Chairman of Apollo Tyres Ltd, Onkar Kanwar, has been conferred with the Lifetime Achievement Award at the All India Management Association (AIMA)’s Managing India Awards ceremony.

see more..
image