JSW Group forays into furniture business with Forma, aims to be among top 5 furniture brands in India

Business
conglomerate, US$ 13 billion JSW Group has announced its formal foray into
India’s fast-growing furniture market with the launch of Forma as a brand of
JSW Living Pvt Ltd. This business move, part of JSW Group’s diversification
into consumer facing businesses, enables the infrastructure company to
capitalise on the immense growth potential of India’s furniture market, which
has been recording a CAGR of 11% in last five years.

The new
brand will be present across the value chain of furniture, furnishings and
daily living objects that impact the Indian consumer’s life. There is strong
focus on sustainability and durability, to deliver good design to a larger
number of users. JSW Living has developed a relevant product portfolio for the
Indian consumer based on extensive market research.

Forma aims to be among the top 5 furniture brands in India. According to Tarini Jindal Handa, MD, JSW Living, “We are learning, and there is an immense distance to travel. We have started in a small way with a strong belief, to help India with newer products and solutions. We are working with our own team as well as designers – both domestic and international – to develop unique designs. At Forma, we will take good designs to larger sections of our society.”

Bedraj
Tripathy, CEO, JSW Living, said, “While making design accessible, it is
imperative to reach every part of the country and bring Indian users to the
forefront of joyful living. This pushes the Forma team to penetrate every
geography we touch. It is critical for us to increase our footprint at a much
faster pace than any other in this business.”

The furniture market in India is estimated to be
approximately US$ 19 billion and growing at a CAGR of 11% over the last 5
years. The organised sector, which accounts for around 16% of the entire
furniture market, is extremely fragmented with over 50 key players. JSW Group’s Forma brand aims to be a significant disruptor in the Indian
furniture market, with focus on sustainable material, unique product portfolio,
user experience and market penetration.

  1. Sustainable
    material:  Steel is widely recognised as
    an eco-friendly material, owing to its 100% recyclability. The company promised
    that Forma will always look at making steel its base material for structural
    stability, and use other recycled and/or recyclable material to keep
    sustainability in the forefront. They will also buy back used material.
  2. Product portfolio: With a launch portfolio of over 30 differentiated
    furniture SKUs, Forma plans to scale up its total portfolio ten-fold. The brand
    will offer a wide variety of options to Indian consumers across the gamut of
    home furniture and accessories.
  3. User
    experience: Forma is focusing on the three core pillars that define design and
    user experience: Warmth, Intelligence, Lightness (WIL) for Indian homes. The
    brand believes that it can help shape its own charter with insights from users
    and grow with the growing market. There is a large market that is highly
    fragmented – and that’s an opportunity for organised players to enter this
    space, observed the spokesperson.
  4. Market
    penetration: JSW’s marketing & distribution synergies through steel and cement
    are expected to provide larger depth and scale to the furniture business. JSW
    will follow a three-tier distribution strategy to reach out to furniture
    customers in the top 100 towns of India. A healthy economy and increased
    household spending are expected to provide potential growth levers for the
    furniture business.

Future
plans: Forma’s entry into retail by FY23 through exclusive retail stores (a
target of 50 outlets in the next few years) is expected to be the tipping point
for the growth of JSW Group’s furniture business. The retail expansion of Forma
will be supported by expansion of the product portfolio to include living room,
bedroom and dining products along with accessories.

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