Bethliving Is On Expansion Spree, Set To Open 24 Stores In India
In an expansion spree, Bethliving—a home decor company offering steel and stainless steel furniture with designs and utmost functionality, will be launching 24 stores in different Indian cities in Financial Year 2022.
The company currently has 32 stores spread across Kerala, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Gujarat. During the current year it plans to expand more into Tamil Nadu, Kerala and Karnataka and enter new markets like, Rajasthan, Madhya Pradesh and Maharashtra.
The company will be opening its stores in Kannur (Kerala), Salem (Tamil Nadu) and Thiruvananthapuram (Kerela). In the first Quarter of FY2022. It will enter Mangaluru, Mysuru and Coimbatore in Franchise Invested Company Operated (FICOO) model. It will be opening three stores in Jaipur, Bhopal and Indore under the FICOO master franchise model. Rest of the towns will be covered by its direct store or franchisee stores.
Talking about the expansion plans, Bethliving Marketing Director, Toby Thomas said, “We are aiming to scale our business 11 fold in the next three years. The store launches planned for this year are the part of our vision to emerge as an INR 250 crore company in five years. We are confident that the D2C hybrid model – a combination of brand stores and FICOO will drive volumes and are well-poised for growth.”
The company aims to deliver modern alternatives for home decor with their holistic approach. It addresses all the pain points ranging from flame risk to water sensitivity, poor pest resistance, eco-friendliness and durability that concern customers while purchasing furniture. Bethliving has successfully integrated digitally-enabled design and manufacturing into its business model.
Bethliving is a home decor company that prides itself for introducing furniture in steeland stainless steel with modern designs and utmost functionality. The company aims to deliver modern alternatives for homes with their holistic approach.The home décor company has established an exclusive network of 32 outlets across metros, tier 1, 2 and 3 towns to operate as a hybrid node for the retail process. To stay ahead of the competition, Bethliving has integrated digitally-enabled design and manufacturing into
its business model.
Home Decor Market In India
According to a research, the online home decor market in India is expected to increase by USD 3.75 billion (INR 29,346 crore) from 2021 to 2026, and the market’s growth momentum will accelerate at a Compound Annual Growth Rate (CAGR) of 10.24 per cent.
Tier-I and tier-II cities are the main target markets for home furniture manufacturers because these cities provide vendors with access to all their requirements to operate their online distribution channels successfully, including logistics and e-retailers.
Market Driver in India
The rise in online spending and smartphone penetration is one of the key drivers supporting the online home decor market growth in India. For instance, tablets that offer larger and more tangible interfaces are more suitable for purchasing products online as they facilitate the decision-making process. Websites also provide detailed information on products, including quality, safety measures, and user guidance, all of which have increased the demand for e-retailing. Consumers also feel a lot more comfortable about purchasing products on the go.