Germany co ties up with Bangalore firm
German furniture maker Nolte on Friday announced its entry into the Indian market in association with Bangalore-based SJR Group, as the two unveiled plans to open exclusive stores in several cities.
By PTI |
BANGALORE: German furniture maker Nolte on Friday announced its entry into the Indian market in association with Bangalore-based SJR Group, as the two unveiled plans to open exclusive stores in several cities.
Under the tie-up, concept store "Nolte Home Studio" was opened here which would be followed by ones in Mumbai and Delhi, and thereafter in cities including Kolkata, Hyderabad and Chennai, the Group's Managing Director Boopesh Reddy said.
Targeted at the mid and high-end segment, the price of fitted kitchens and bedrooms start from Rs 2 lakh.
Reddy said the Group, a leading infrastructure and property developer in India, is targeting a turnover of Rs 100 crore in three years in this diversification foray that saw it entering the retail segment.
Founded in 1923, the family-owned Nolte-Mobel GmbH & Co KG has annual revenues in excess of euro 500 million and its range of fitted kitchens and wardrobes and bedrooms is marketed through its network of 20,000 retail outlets around the globe, its Chairman Georg Nolte told reporters here.
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"We believe India is a huge market", said Nolte. "Moreover, with an absence of any global players in this segment, we will be in a strategic position to cater to the Indian consumer who is in sync with the latest in lifestyle and fashion trends."SJR Group executives said the range is primarily targeted at IT professionals, entrepreneurs and "corporate youth."
Size of the organised furniture market in India is estimated to be around Rs 10,000 crore annually, growing at 12 per cent and expected to jump by 15-20 per cent in the next three years, they said.
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