JSW Group has ventured into the fastest growing furniture market with the launch of its brand, Forma, as a brand of JSW Living.
The company plans to invest Rs 250 crore over the next 5 years in the new venture and the business conglomerate is targeting to be among the top 5 ready made furniture brands in India.
“Forma aims to be a significant disruptor in the Indian furniture market with focus on sustainable material, unique product portfolio, user experience and market penetration, said Tarini Jindal Handa, Managing Director (MD), JSW Living.
The furniture market in India is estimated to be Rs 1,32,000 crore and is growing at a CAGR (Compounded Annual Growth Rate) of 11 percent over the last 5 years.
The organized sector accounts for around 16 percent of the entire furniture market and is fragmented with over 50 key players.
Forma furniture will be made using steel as its base for structural stability, and use other recycled or recyclable material in addition to steel.
The company will be present across the value chain of furniture, furnishings and daily living objects.
With a launch portfolio of over 30 differentiated furniture SKUs, Forma plans to scale up its total portfolio 10 folds, said Bedraj Tripathy, Chief Executive Officer-JSW Living.
JSW will follow a three-tier distribution strategy to reach out to furniture customers in top 100 towns of India.
Speaking about future plans, Tarini Jindal Handa said that the company plans to come out with their exclusive retail stores by FY23 and is targeting 50 exclusive Forma outlets in the next few years.
She further said that the retail expansion of Forma will be supported by expansion of the products portfolio to include living room, bed room and dining products along with accessories.
With the launch of JSW Living, Tarini Jindal Handa will join brother Parth Jindal who is revamping the company’s brand helping it to reach home consumers directly.
Parth Jindal is managing the group’s paints business, JSW Paints, which will be launched “soon”.