Home and furniture products marketplace Pepperfry is expanding its house brands portfolio and retail network, according to a report in the Hindu Business Line
The company is seeking to double the offline studio base from 32 now to over 70 by March 2019.
This is part of the company’s goal of breaking even by 2020 when it hopes to be a Rs 6,500 crore company with 50 percent of this business to be generated with its house brands. The company hopes to break even within the next 12-18 months.
The company had closed FY 2017 with a turnover of about Rs 1,000 crore.
“The company has grown rapidly over the past six-and-a-half years and has meticulously built a catalogue of over 1.2 lakh plus products to have a differentiated product portfolio for any online and offline furniture,” Hussaine Kesury, Chief Category Officer, Pepperfry was quoted as saying.
Over the years, the company had launched a number of house brands, such as Woodsworth, Mintwud, Casacraft.
Recently, Pepperfry had raised Rs 250 crore from State Street Global Advisors to help fund its offline expansion, invest in AR/VR technology and get prepared to launch its IPO.
On specialized offerings under Mintwud, Kesury stated out an offer to furnish a single BHK apartment for about Rs 50,000, which would work out to about Rs 2,500 per month if paid over two years.
The country’s furniture market is estimated to be about Rs 1,50,000 crore and of this barely 10 percent is in the organized segment.
According to Kesury, the offline expansion would establish Pepperfry’s name in the Indian furniture market that is worth Rs 1.5 lakh crore, of which the overall online market makes up barely 2 percent.
The company has built a chain of 32 studios and is planning to up the numbers to 70 by March 2019.