The premium mattress company is looking to expand its brick-and-mortar stores to anywhere between 112-120 from the current 69 by the end of next year.
‘Sleep like a baby’ has now become a serious business thanks to the growing mattress industry which posted a growth of 12-14% year-on-year. In, fact, premium mattress brand Magniflex claims to grow at a higher pace compared to the industry at 35-40%, Anand Nichani, managing director (MD), Magniflex India Pvt Ltd, told Brandwagon Online. “In an effort to expand reach, premium mattress company plans to expand its brick-and-mortar stores to anywhere between 112-120 from the current 69 stores by the end of next year.
In the Asia-Pacific (APAC) region, the company claims that it will open 45-50 franchise stores across different locations. Of this 20 will be opened in India. “The rest will be spread across cities in Taiwan, China, Indonesia, and Mongolia,” Enrico Cenni, director (APAC), Magniflex, stated. Secondly, the company works alongside various interior designers to help recommend its products to consumers directly. Moreover, the company claims to have created high visibility of the brand via its franchisee stores. Bureaucrats, politicians, Bollywood stars, among others, are part of its target group of consumers. “The price range of mattresses begins at Rs 85,000 and goes up to rupees six lakh”, Nichani highlighted. In conjunction with its mattress business, the company also sells pillows which account for 15% of the total revenue. Courtesy: www.financialexpress.com