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Sleep solutions provider Duroflex is expanding its sales network to northern and eastern regions as it looks to become a Rs 2,000 crore company in the next five years, a top company official said.
The company gets a major chunk of its sales from southern markets.
The company is witnessing a gradual shift towards branded mattresses with an increase in disposable income and customers preferring to spend on better quality products post-pandemic, the official said.
"Duroflex is aiming to grow to a Rs 2,000 crore company in the next five years," Duroflex MD Mathew Chandy told PTI. The five-decade-old company has a turnover of Rs 500 crore, at present, he added.
The total size of the mattress market is estimated to be around Rs 10,000 crore of which Rs 3,500 crore is owned by the organised branded players and the rest by local mattress makers, he added.
"Now people are taking health and wellness seriously and this pandemic has helped us to realise that sleep is very important for health. Now better companies with better products will become more popular. So in this industry, we see a lot of consolidation happening in the next 2-3 years," Chandy said.
Over the sales network expansion, the company said that its products are available pan-India through online sale channels but it is expanding into northern and eastern regions.
"We have still a large market to be captured. These are the reasons behind our optimism that we can go 3X or 4X in next 3-4 years," he said.
Duroflex Vice President - Marketing Smita Murarka said, "Branding and marketing are going to play a big role because the category is evolving. Brands like us are going to be very instrumental to enable Indians to understand the importance of products, which would provide a better quality of sleep."
Duroflex, as part of its expansion plan, has introduced - Duro Safe Mattress Protector, India's first antiviral mattress protector powered by Swiss technology, HeiQ Viroblock which can kill 99.99 per cent viruses and bacteria.
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