News Services

furniture: Denmark’s retail furniture chain BoConcept to expand further in India


Denmark’s retail furniture chain BoConcept is looking to expand further in India as it is one of the fastest growing market for the company, BoConcept’s Global CEO, Mikael Kruse Jensen told ET.

“India is overtaking some of the other growth markets that we have had. It keeps growing but it’s not there in the top five yet,” the executive said.

The company has so far opened store in main cities but is considering going to tier 2 cities as well.

“Now we are actually going to go into uncharted territories when we started looking at markets which are not generally very conventional. We feel that there is a great opportunity that we want to explore and tap in these spaces. They have to often travel to cities like Delhi and Mumbai or Bangalore,” said Jensen.
Navin Khanna, Director of BoConcept India said that while doing PIN code analysis of buyer category, they identify fresh PIN code and number of sale happening from there.Company currently has eight stores across six locations -Delhi, Mumbai, Bangalore, Hyderabad, Chennai, and Pune.“We only had three stores before Covid, it was a difficult period for everyone but BoConcept took this as an opportunity. We were able to bargain some great locations,” said Khanna.Jensen said that in some countries, the company changed the location of the store and it positively impacted the revenue.

“We have a few cities in mind. We are looking at expanding into at least a couple of them this financial year. There is a challenge in getting the right space and I think the challenge would be even higher in the smaller cities because of lack of infrastructure,” Khanna said.

The company has different manufacturing hub around the world. It has no plan to manufacture in India in the near future.

“India market will continue to grow. We really need to leverage our global presence and our global understanding of the brand and give all that knowledge to our partner in India which will help us grow,“ Jensen said.

In India, company’s consumer base is becoming more and more diverse.

“We used to always look at the upper segment of the society but today even working couple fancies our furniture and would like our furniture to be there in their houses. So I feel the customer base is ever expanding,” said Khanna.

BoConcept has 350 stores in over 65 countries around the world. It specializes in high quality furniture designs for the urban-minded consumer creating outstanding modern living spaces at affordable prices.


Source link