 "Spacewood Furnishers looks to double revenue at Rs 1,000 cr by FY2025")
Spacewood Furnishers Pvt Ltd, which manufactures modular furniture, on Wednesday said it aims to double its revenue in the next five years to Rs 1,000 crore on the back of wider retail reach and new product offerings.
Besides, the company also has plans to invest Rs 100 crore over the next three years, and will look to enter new segments and explore international collaborations, it said in a statement.
"Spacewood has been growing at 15 per cent CAGR for the past five years and recorded annual group revenues of Rs 500 crore plus, in FY'20," the company said.
The company has announced "growth plans to achieve annual revenue worth Rs 1,000 crore by FY2025, from its FY2020 annual revenue of Rs 500 crore, by pursuing double digit CAGR growth rate."
Spacewood Furnishers Co-founder and Director Kirit Joshi said the Indian furniture consumption trends have been dramatically disrupted with the pandemic and the new work-from-home trends, which led to an increased demand for modular, multi-functional and customised furniture for home-offices and home-schooling.
"These trends have changed the face of furniture retail across the urban market as well as in smaller towns and tier-II cities," he said.
Spacewood aims to leverage this to achieve rapid, inorganic growth in the next three years, with a foray into specialised healthcare furniture and educational furniture, which offers tremendous growth potential.
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"Additionally, we are expanding our retail presence, from 18 cities to 30 cities and aim to retain our leadership presence across online and offline furniture market, with an expansive consumer base, catering to public and private sector offices, builders, dealers, online sales and stand-alone retail stores," he said.
Founded in 1996, Spacewood offers a premium range of modular furniture, home furniture, pre-hung doors, desking solutions and institutional solutions, from designing, manufacturing, layout, and installation.