Casa Décor, a joint venture of Italian luxury furniture retailer Poltrona Frau and Tata Group, is looking at scaling up its business in the high-end furniture retailing segment
The Italian luxury furniture retailer, which has three joint ventures in the world, says it is extremely choosy about its partners and how its products are retailed.
In India, it has a 50:50 joint venture with the Tata Group, which was established in 2008. The other two JVs are in Japan and the United Arab Emirates.
“We came to India as Ratan Tata was keen that we have a presence here. India is an enormous business opportunity, both in the residential and institutional (contract) business,” Dario Rinero, CEO, Poltrona Frau Group, said.
The company, which has opened its fourth store in the country, said it retails high-end furniture priced at $3,500 a seat (a two-seater sofa costs $7,000).
Rinero said Casa Décor would retail a complete bouquet of ‘iconic’ brands such as Poltrona Frau, Cassina and Cappellini. “We are looking at premium furniture, fit-outs and design services for homes, offices and even the hospitality sector,” Rinero said, adding that the company was exploring the possibility of setting up stores in Bangalore and Kolkata.
Clients
The Poltrona Frau Group’s clients include: Four Seasons and Grand Hotel Michelangelo, Cartier, Louis Vuitton, Ferragamo, Zegna and Prada boutiques around the world. It also manufactures customised leather upholstered interiors for luxury carmakers Ferrari, Maserati, Bugatti and BMW.
Nicola Obert, MD and CEO, Casa Décor, said, while the Italian firm brings product expertise, Tata Group focuses on finding real estate space. The company said it target consumers are households with annual income above Rs 1 crore.
“India is a highly price-sensitive market. Also, the furniture market is highly fragmented,” he says, explaining why the company was going slow on expansion.