Furniture and lifestyle company House of Kieraya (HoK) has launched its fourth brand Prava intending to integrate fashion with furniture. The idea is to provide furniture with better designs and customizable to the needs of the consumers.
Under the brand Prava, the company will be bringing out a collection of furniture every year, according to the needs of the furniture market.
"We have the ability to test the market and know what the people are already searching for," said Tintu Saleem, Head of Marketing, HOK.
The company's other unique value proposition is its 'Freedom Circle Programme' where the company has claimed that it will be offering a '10-year buy-back guarantee'. It will enable customers to not only purchase a product but also give them the freedom to give it back for credits that can be redeemed to take home new designs. Also, if it is returned within three years, the company stated, a certain percentage of the cost will be returned.
Relying on the business strategy, the company has claimed that Prava’s launch is a step ahead towards HoK’s mission to become India’s largest furniture and lifestyle brand by 2026. Currently, the array of products available on its website are sofas, beds, soft furnishings, dining, study tables, rugs and home decor items, with key categories priced in the range of Rs. 20,000 to Rs. 1,00,000.
The other three brands of House of Kieraya (HoK) are brands Furlenco, its sub-brand UNLMTD (a furniture subscription service), and Furbicle (a remanufactured furniture brand).
Having been in the industry for some time, the company is likely to have a good understanding of the furniture market.
“The thought process behind the launch of brand Prava is that there is demand for good design at value prices,” said Ajith Karimpana, CEO and Founder, House of Kieraya (HoK).
Specifically, with Prava, HoK taps into the luxury and home lifestyle market, aimed at 30-45-year-olds who are well-informed and discerning, along with being style and well-being conscious. These individuals generally like to discover and experiment with their lifestyle purchases, which provides the opportunity for a design-centric firm like HoK.
The company got the confidence to enter into a new venture possibly seeing the success of its other brands. In the four months of operation, brand Furbicle has achieved a revenue run-rate of $2 million. Others brands are also growing fast, the company shared.
While HoK serves 13 major urban cities in India, Prava is currently being launched in Delhi, Mumbai and Bengaluru, whereas other cities will follow soon. The brand is also exploring an omnichannel approach, with stores for customers to touch and feel their products before they make a purchase.
“We are already planning about omnichannel strategy in terms of launching flagship stores, which will be our mid-term strategy,” said Vaibhav Laddha, Head of Prava.
Recently, HoK raised $15 million from an alternative debt platform TradeCre and, earlier this year, the company had raised another $140 million in a mix of equity and debt round from Zinnia Global Fund and a $2.7 million debt round from BlackSoil Capital. The Bengaluru-based company is estimated to have raised around $250 million across equity and debt rounds to date.