Exclusive Interview with : Rajat Singhi, Founder and Creative Director Address HomeIndiaretailing Bureau
Updated on: 23 Jun 2016
Luxury home decor brand, Address Home foresees great potential for growth in the furnishing segment in India. And why not! With the current size of the furnishing and home decor market in India at Rs 10,000 crore and a growth rate of 25 per cent per annum, the segment is developing at a healthy rate. Seeing the progress, Address Home has decided to invest in the market by opening 50 exclusive stores across India by 2018.
Launched in February 2008, Address Home is a stylish, innovative, home decor, gifting and lifestyle destination, which provides superior quality products with unique and eclectic styling ideas. Their collection keeps evolving consumer tastes in mind and the brand aims to give the global look in a stylized home concept.
The brand recently forayed eastward with the launch of its first exclusive store in Kolkata. With this outlet, Address Home's total store count now totals 16.
In an exclusive interview with Indiaretailing Bureau, Founder & Creative Director Address Home, Rajat Singhi, talks about the changes consumer preference for furniture and furnishing shopping, the lure of e-commerce and the importance of Omnichannel retail.
Sum the main trends in home decor shopping in India. What is the market size of home decor in the overall furniture / furnishing market?
Over the years, the Home Decor Shopping trend in India has seen a definite shift from consumers investing only in furniture to growing interest in home decorative products as well as home linen.
India's furniture and furnishings market brings in Rs 44,000 crore per annum, the home decor market size is Rs 10,000 crore yearly and the entire segment is growing at approximately 25 to 30 per cent per year.
This can be further broken down for Address Home. Our hard goods (sculptures, vases , décor accessories, dinnerware and candle ware) segment is growing at a rate of 53 per cent per year, while the soft goods segment (home and bed linen) rakes in 47 per cent of the total sales.
How has the consumer's preference evolved over the last five years?