JSW Group to enter furniture business with Forma
Forma will offer a wide variety of options to Indian consumers across the entire gamut of home furniture and accessories.
Kolkata: Sajjan Jindal-owned $13 billion JSW Group has been planning to get into some consumer focus businesses for some time now, and has now forayed into the fast growing furniture business, which has been growing at a CAGR of 11 per cent over the last five years. The company will make inroads into the furniture business with its own brand Forma from the stable of JSW Living Pvt Ltd, top company officials said. JSW group has interests in steel, power, cement, and infrastructures.
The company has lined up plans to be present across the value chain of furniture, furnishings and daily living objects that impact the Indian consumer's life. There is strong focus on sustainability and durability, to deliver good design to a larger number of users. Forma has already developed a relevant product portfolio for the Indian consumer based on extensive market research, officials said.
"We are learning and there is an immense distance to travel. We have started in a small way with a strong belief to help India with newer products and solutions. We are working with our own team as well as designers - both domestic and international - to develop unique designs. At Forma, we will take good designs to larger sections of our society in India," said Tarini Jindal Handa, Managing Director, JSW Living.
With an initial launch portfolio of over 30 uniquely differentiated furniture SKUs, Forma plans to scale up its total portfolio to10 folds. Forma will offer a wide variety of options to Indian consumers across the entire gamut of home furniture and accessories.
Significantly, the furniture market in India is estimated to be nearly $19 billion and growing at a CAGR of 11 per cent over last 5 years. The organized sector which accounts for around 16 per cent of the entire furniture market is extremely fragmented with over 50 key players. JSW is targeting Forma to be among the top 5 furniture brands in India. JSW's Forma brand aims to be a significant disruptor in the Indian furniture market.