Godrej & Boyce, part of the diversified Godrej group, has introduced its furniture brand Script. The launch that happened on Monday targets young professionals in a premium market.
The company is targeting sales of Rs320 crore for Script by 2020-21 when it expects to have 18 stores across Delhi, Bengaluru, Mumbai, Kolkata and Chandigarh.
Godrej’s entry into branded furniture comes at a time when online furniture brands are setting up physical stores. While Pepperfry operates Studio Pepperfry in 11 cities, UrbanLadder has three stores. Meanwhile, Swedish major Ikea is working on two stores in India—in Hyderabad and Mumbai—and has acquired land for a third in Gurgaon. Ikea products are known for their affordability and innovative design.
The company will open its first Script store in Bengaluru on 19 December and would also sell its products online, it is understood. The named company will invest Rs150 crore in setting up the stores and Rs25-30 crore to market the brand.
“Furniture has globally been a very fragmented market,” said Anil Mathur, chief operating officer of Godrej & Boyce. “We see people looking at furniture as an integrated part of your life,” he added.
Script will feature premium expressive furniture which focuses on functional design including customizable cabinets and reading corners among others.
Godrej is positioning the brand in the mid-premium market worth that it estimates at nearly Rs10,000 crore, Rajat Mathur informed.
