Hospitality boom to spur furnishing market
The home furnishing and flooring sector in the country is expected to witness a high growth driven by the boom in the hospitality and real estate sectors.business Updated: Oct 28, 2007 12:10 IST
The home furnishing and flooring sector in the country is expected to witness a high growth driven by the boom in the hospitality and real estate sectors.
"The market for laminate flooring has registered a phenomenal increase of over 1 million square metres in the last two years and is expected to increase by more than 30 per cent in the next two years," Country Manager Quick Step, a division of Belgium-based Unilin Group Sunil Gopinath said.
The growth story has attracted a lot of foreign players in the country as there was a crunch of domestic manufacturers of laminated flooring here. "India is fast turning out to be a lucrative market for them," he added.
Spurred by its success in India, Quick Step has recently launched two new collection in Oak under its Arte collection and is eyeing a turnover of Rs six crore for the year ended December 2007 against Rs 4.5 crore last year.
It is also planning to take the number of its outlets in the country from current 37 to 50 by the end of this year.
However, in the home furnishing segment, domestic players currently rule the Rs 10,000-crore market. "Though a number of international players have entered the Indian furnishing market, they enjoy only a small per cent of the total market," Seasons furnishing Chairman Mandeep S Wadhwa said.