Godrej – hitherto a supplier of ready furniture across home, office, laboratory and healthcare segments – plans to grow its newly introduced customised home furniture business to ₹1,000 crore in the next three years.
Home design To move from being a products company to becoming a solutions provider, the company launched its home design studio U&US at Phoenix Market City in Pune.
This is the third such studio after two pilots in Thane and Khargar, and will serve as the model that will be replicated across cities. Godrej proposes to open 20 such studios across the country in the next one year.
“This is unique not only in India but also globally and pioneers a new concept in home decor,” Navroze Godrej, Executive Director and Head of Innovation and Strategy, Godrej and Boyce, said.
“This is one of the largest disruptive business processes where we are partnering with local carpenters and designer communities to organise a large segment of the unorganised market,” he said, adding that U&US will provide a platform for customers to take their vision and put it into reality without the challenge of having to deal with a battery of vendors.
Personalised choice Equipped with Godrej-patented will enable customers get a three dimensional visuals of their homes in colour and materials of their choice through digital co-creating, each studio will be coupled with a workshop equipped with the latest machines to execute the designs. Godrej has also tied-up with both raw material suppliers for cheaper sourcing as well carpenters for making the designs.
“On an average, a family spends 10-15 per cent of the cost of a house for interiors,” Anil Mathur, COO, Godrej Interio, explained adding that while U&US would cost around 20 per cent more than carpentered furniture, it would bring efficiency in manufacturing and sourcing.
With a plan to introduce 50 studios, the division expects to achieve a turnover of ₹1,000 crore in the next three years, Mathur said.
New facility Godrej is setting up a third facility to make ready-to-use furniture at Shirwal near Pune where it already has two existing plants.
The expansion, which involves an expenditure of ₹300 crore, will increase production capacity, mainly for hospital furniture.
The expansion, he said, will help increase the turnover form this business, currently at ₹900 crore to ₹3,000 crore in three years time.
To take on online sales, Godrej Interio is also working on putting up an omni channel in a year’s time.