Spacewood Furnishers Pvt Ltd, a leading modular furniture manufacturer, has announced an ambitious growth plan to expand its market presence across the metro, Tier 2, and Tier 3 cities and transition towards a B2C model. This strategic initiative aims to propel the company’s revenue to ₹1,500 crore by 2029. Coming off a robust recovery post-fire, Spacewood has recorded a turnover of ₹525 crore in the fiscal year 2023-24, maintaining a steady growth rate of 18-20% year-on-year.
Established in 1996, Spacewood has become a premier name in India’s furniture manufacturing sector, recognized for its high-quality Modular Furniture, Home Furniture, Pre-Hung Doors, Desking, and Institutional Solutions. Initially partnering with major retail brands such as Pepperfry, Amazon, and Flipkart, the company is now enhancing its footprint by focusing on direct consumer relationships and broadening its dealer network and Exclusive Brand Outlets (EBOs).
The market backdrop is promising; the Indian furniture market, estimated to be worth USD 23.92 billion in 2024, is projected to grow to USD 34.55 billion by 2029, expanding at a CAGR of 7.63%. This growth is driven by rising disposable incomes, urban expansion, and a shift towards premium modular furniture, presenting an opportune moment for Spacewood’s aggressive expansion plans.
“Our vision at Spacewood is to make world-class, consumer-first furniture solutions more accessible across India,” said Kirit Joshi, Co-Founder of Spacewood Furnishers. “With our ambitious revenue target set for 2029, we are focusing on scaling our operations to underserved markets, aiming to redefine the furniture experience across the nation. Our expansion into the B2C sector, enhanced dealer network, and increased number of EBOs are pivotal to our strategy.” In alignment with these goals, Spacewood plans to boost its presence in smaller cities, expanding its dealer network from 650 to 1,000 and increasing the number of Exclusive Brand Outlets from 34 to 75 in the next three to four years, with a long-term target of reaching 100 outlets by 2029. These outlets will offer immersive experiences of Spacewood’s premium products, aligning with the company’s commitment to providing consumer-centric, high-quality, and accessible furniture solutions for various spaces including homes, offices, and institutions. Courtesy: https://themachinemaker.com/news/spacewood-furnishers-targets-%E2%82%B91500-crore-revenue-by-2029-with-expansion-strategy/#:~:text=This%20strategic%20initiative%20aims%20to,%25%20year%2Don%2Dyear.