Forma furniture will supposedly be created using steel as a base for structural stability, besides using other recyclable or recycled materials
JSW Group has apparently ventured into one of the rapidly growing furniture markets with the launch of its Forma brand in India, which will be categorized as a brand of JSW Living.
Sources with knowledge of the matter informed that over the next 5 years, the company is planning to invest around Rs 250 crore in its new venture and the business giant is aiming to rank among the top 5 readymade furniture brands in India. Forma furniture will supposedly be created using steel as a base for structural stability, besides using other recyclable or recycled materials.
Managing Director of JSW Living, Tarini Jindal Handa said that Forma aims to be an important disruptor in the Indian furniture market with complete focus on unique product portfolio, market penetration, sustainable material, and user experience.
Seemingly, India’s furniture market is estimated to be worth Rs 1,32,000 crore and grew at a Compounded Annual Growth Rate of 11% over the past 5 years.
According to Chief Executive Officer of JSW Living, Bedraj Tripathy the company will have presence across the furniture, furnishings and daily living objects value chain. By launching of a product portfolio of about 30 differentiated furniture SKUs, Forma is planning to expand its total portfolio 10 folds.
Sources added that the company will be implementing a three-tier distribution strategy to serve the furniture customers in top 100 towns and cities of India.
The future plans of the company will involve launching their own exclusive retail stores by 2023 and in the next few years, Forma is going to target 50 exclusive outlets, Tarini Jindal Handa said.
Tarini Jindal Handa further stated that the retail expansion of Forma will be reinforced by expansion of the brand’s product portfolio which includes bed room, dining and living room products as well as accessories.