“By 2019 we would like to be in Cochin and then spread across different parts of the south”: Karun Mathew
In an exclusive conversation with Karun Mathew- Director of Magari sheds light on emerging opportunity in home furnishing segment.BY Shipra Srivastava | July 30, 2018 | comments ( 0 ) |
Magari, a furniture retailer aims to provide platform for budding designers across the globe to showcase their work to the world. Their vast range of products, spread over three floors includes furniture, fabrics, wallpaper, rugs, wardrobes and kitchen solutions.
How do you see the home furniture industry is growing in India? What would be estimated size of mattress category in the overall sleepwear market in India?
The Indian Furniture market is expected to become a $30 Billion Industry in the next 5 years. With urbanisation sprawling up new cities and disposable income being more available to people wanting to spend on luxury and comfort the Indian furniture Industry will see the biggest growth it has seen ever.
The estimated size of the mattress industry will double to grow to an estimated $1.5 Billion dollars by 2020 and you will see a drastic drop in the unorganised sector and a lot of international companies lined up to make their entry into India.
Kindly shed light on your current distribution in the online as well as offline space. Going forward, what would the strategies to scale up the distribution? Do you own exclusive retail store or plan to?
We have an extensive supply to the booming online furniture Industry. We also showcase products in our retail space for some of the exclusive online retail players in India. We will be growing along with our online partners and spread our products to different cities Strategically.
According to you what are the major challenges as far as online home furniture retailing is concerned?
There are many; however, few are listed below:
1) People beginning to rent furniture
2) Lack of awareness and visibility to the brick & mortar store
3 ) Changes in lifestyle and trends and keeping up with times. Creating a timeless collection that fits all is difficult.
Online furniture market is largely dominated by players such as Urban Ladder, Pepperfry etc. How do you see competition coming from them?
Online retailing has been around for some time but it will continue to be a preferred buying channel for millennials in particular. With instant access to catalogs and price lists, customers have a clearer idea of what they want. Online retailers have taken away a good portion of the market share of brick-and mortar retailers. As retailers we need to start building technology to challenge the online competition and deploy them effectively. However for manufacturers, the increase in online shopping means an opportunity to sell to online retailers that are not limited to a physical geographic area thereby increasing volumes.
Kindly shed light on your average selling price point also shed light on your best performing range?
Our Mid Century modern collection has been an instant hit and the fastest selling range for us has been the furniture with the combination of Cane and Solid wood. Its timeless, contemporary and durable.
Have you raised any sort of funds so far or plans?
We haven't raised any funds so far. We have our unique USP's in place and we look to grow organically as long as something worthwhile comes to our attention.
At last, kindly highlight your growth plans?
We look to put up stores similar to MAGARI through the South and expand our production facilities. By 2019 we would like to be in Cochin and then spread across different parts of the south.