Godrej & Boyce launches premium furniture range Script, aims Rs 320 cr sales by FY20

New Delhi: Godrej group agency Godrej & Boyce on Thursday introduced its entry into premium furnishings market with its mid-premium house furnishings and decor model Script. With an funding of 50 crore within the new enterprise, the plan is to launch three shops throughout three cities within the first yr and deal with additional increasing the model in metros.

It could additionally make investments round Rs 50 crore every year within the coming years — Rs 20 crore on growth and Rs 30 crore for branding and advertising bills. The corporate would open 18 shops in seven main cities — Delhi-NCR, Mumbai, Kolkata, Pune, Hyderabad, Chandigarh and Bengaluru — within the subsequent three yr.

Script is the primary model from Godrej & Boyce within the attainable premium furnishings class, mentioned Jamshyd Godrej, MD and Chairman, Godrej & Boyce, who was assured that it will grow to be a ‘most popular’ model.

With Script, Godrej is eyeing gross sales of Rs 320 crore from its mid-premium house furnishings and decor model Script by FY 2020 because it expands its gross sales community, a prime firm official mentioned on Thursday. “We predict gross sales of Rs 320 crore from Script by FY2020,” Script Enterprise Head Rajat Mathur mentioned.

As a part of its growth, Script would open 5 shops in Delhi-NCR within the subsequent three years as the corporate is anticipating the area to be a significant market.

Script vary of furnishings . Pic courtesy: Godrej & Boyce

“With all 5 shops within the Delhi NCR area, we predict gross sales of over Rs 60 crore in subsequent three years,” he mentioned, including that the corporate opened its first retailer in Delhi on Thursday at Kirti Nagar.

It plans to open one other at Defence Colony by the top of this yr.

In addition to the normal brick and mortar format, Godrej & Boyce is trying to faucet the net channel. “Presently, our round 20 p.c prospects are digitally influenced,” Mathur mentioned.

Within the brick and mortar house, the Godrej group agency additionally plans to experiment with small format shops (1,500-2,000 sq toes) the place prospects could be assisted by hand-held digital units. Presently, all Script shops are giant format retailers.

As per its technique, the corporate is trying to cater to the mid-premium phase which is estimated to be an round Rs 20,000 crore market.

Based on Mathur, the Indian furnishings market is estimated to be round Rs 50,000 crore, wherein round 60 p.c is house furnishings.

“The phase is essentially…round 80-85 p.c… dominated by the unorganised gamers however it’s progressively altering,” he mentioned, including that now persons are shifting in the direction of branded furnishings.

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