Home furnishing is seen as an evolving market in India. Companies like Tangerine Home Couture are making difference with their unique approach and strategies. In a candid conversation, Rajiv Merchant, CEO and Co-Founder, Tangerine Home Couture, is talking about his company’s vision.
What is your assessment on present home furnishing market in India?
The home furnishing market in India is at an evolving stage. With the entry of multiple brands and designers, owing to vast range available by small and big retailers, there has been significant upgrade in consumers’ buying pattern. In the next three years, we expect display standard to go up and category will evolve faster.
Tell us about your corporate journey so far.
Four years back, I started my own venture, India Home Variations (IHV) while simultaneously managing portico for two and a half years. Indian Home Variations is a marketing and distribution company that provides premium design-centric home décor solutions. Indian Home Variations entered into a retail & distribution tie-up with World Kitchen USA (marketers of Corelle, Corning, Pyrex, Snapware, etc), Umbra -Canada (segment - home decor) and Progressive for representing them in the Indian market.
From their stable of IHV, we have the recently introduced new age concept of home couture in the form of the Tangerine Home Couture, a boutique designer brand of home accessories.
Basically I have handled all aspects of textile and fashion – from fabric marketing to retail shop management segment – and exposed quite a few fashion concepts across the globe. I enjoyed start-up businesses and facing uncertain and unstructured problems.
Who is your target audience?
India is a young country and we want to cater to Indian youths. We believe competition is low for young customer, and we want to be relevant to young ladies.
What are your strategies to counter competition from other players in this segment?
We give cutting-edge merchandise in terms of design and technology for medium price points. Currently most players work on more designs in bed-sheet sets and are sold like warehouse in retail environment. We want to redefine customer experience by providing total home accessory fashion solutions and display accordingly.
Share something about your product portfolio. Which is your most sold out category?
The company sells bed-sheet sets, comforters, duvets, mugs, rugs, fabric bags, cushion covers, pillows, mattress protector, towels, bath accessories, trash cans, etc. Also, currently major sale comes from bed-sheet sets and comforters.
Please throw some light upon your distribution network.
We sell through around 50 doors of large format stores in modern retail and 100 mom-and-pop stores in the first year of our operation. We are willing to expand it in our upcoming years.
Any plan to venture into exclusive outlets?
No plan as of now, we are working on various retail strategies and will share when we are ready.
What are your growth plans for the next two years?
We are looking at Rs 50 crore per annum turnover in Tangerine at wholesale prices within two years with network of 300 doors across India.