German furniture maker and exporter Hulsta is betting big on the growing branded furniture market and plans to open 14 stores over the next two years in the country.
The 900-million-euro complete customised home solutions provider has two Hulsta outlets in Delhi and Mumbai and plans to open two more in Hyderabad and Chennai by the end of this year.
“The furniture market in India though not evolved completely, is still substantial. We are for the first time trying to provide an experience and customised solutions to Indian buyers as per their need and space,” Hulsta’s Sales Manager (India), Stefan Benkhoff, told PTI here today.
Hulsta entered the Indian market early this year.
The Indian furniture market is pegged at Rs 42,300-crore, of which a tenth is in the organised sector. The branded segment enjoys an even smaller share.
However, the branded furniture industry is growing at 30 per cent annually on the back of increasing disposable incomes, reduction in import duties, growth in real estate and organised retail sector and awareness of brand and quality amongst consumers.
Hulsta products, which also include upholstery and furnishings, will be distributed in the country through New Delhi-based Kanu Kitchen Kulture.
The products are all custom-made at Hulsta’s lone manufacturing facility in Germany.
Hulsta products that cost Rs 2.5-lakh per single piece of sofa can go upto Rs 30-lakh for products that go into furnishing a 3-BHK apartment, Benkhoff said, adding that the customer will get his products, all custom-made in Germany, with in a lead period of 3-4 months from order.