Hyderabad: The Indian furniture market was valued at about $20 billion this year, and the luxury furniture market occupies between 15 and 20 percent, says Sunil Suresh, founder and CEO of Stanley Lifestyles Ltd., which has a 10 percent market share. “About 60-70 per cent of the furniture market still falls under the unorganized sector and is transforming into an organized sector very quickly,” he said.
In an exclusive interview with Bizz Buzz, he said, “The union government wants to protect local players under the ‘Make in India’ initiative. This will boost the organized furniture market in the country. As a luxury furniture retailer brand, we are seeing a 20 per cent growth rate on annual basis.
After achieving sales of Rs 500 crore last year, the Bengaluru-based company has set an ambitious target of doubling its revenue to Rs 1,000 crore by 2025. It currently operates more than 41 stores across 17 cities in the country. It has aggressive expansion plans of having 100 stores across India in the next three years.
The Stanley Group CEO said: “From 2025 onwards, we want to go global by opening stores in London, New York and Dubai. Stanley has been a cash-rich company, debt-free for the past four years, and profitable for the past four. More Contract. All our expansion plans are taken from internal entitlements.”
“The company already has a dedicated factory in Bengaluru supplying white label furniture products to global organizations such as Toyota, Ford and IKEA. With a view to significantly expanding our own business operations, we have vertically integrated two state-of-the-art technologies in the same city, and we currently employ more than 1,400 people. “.
When asked about the competition from global furniture giant IKEA in Hyderabad and its upcoming store in Bengaluru, Sunil said: “IKEA is not as competitive with our brand as it is in mass production. We cater to the luxury furniture segment, which is not machine driven. It took It’s 25 years for us to be pioneers in this field, and it will take longer for a foreign player.”
Stanley has earned the reputation of being the first locally grown luxury furniture brand to source the world in terms of design, materials and technologies and compete aggressively with global brands. Today, the brand has in-depth industry experience and capabilities to design and manufacture the latest trends in high-end furniture and lifestyle accessories.
A trusted seller to US furniture retailers such as Williams-Sonoma and Pottery Barn, Stanley incorporates world-class quality and reliability into all aspects of its operations. Starting operations in 1996, it operates its business through various formats – Stanley Personal, Stanley Boutique, Sofas & More and Stanley Level Next.
Stanley Personal offers budget-friendly furniture, while The Stanley Boutique houses mid-range furniture stores. Sofas & More and D8 stores focus on selling imported furniture. Apart from these three segments, Stanley Level Next luxury home solutions were pioneered during pre-Covid times.
The company had three Stanley Level Next outlets – two in Bengaluru and one in Cochin until recently. Last month, it opened its fourth outlet in Hyderabad with an investment of Rs 8.5 crore. The 12,000 square feet store is designed to offer a highly immersive design experience. It houses a highly eclectic range of furniture, cabinetry, accessories and home solutions under one roof. Besides this store, Stanley also launched the best kitchens and cabinets under the Cabinetry Cult brand. Combining German precision manufacturing, French joinery techniques and Italian design sensibilities, it offers a high-end range of kitchens and cabinets in a variety of styles, colors, sizes and floor plans offering customers a choice of styles and layouts.