By the end of this fiscal year, the company
expects to reach five times last year’s sales
House of Kieraya (HoK) has launched Prava, a
luxury furniture and lifestyle brand, and is planning to open its first
experience center in Bengaluru. With the introduction of Prava, the company is
pursuing an omnichannel approach. HoK plans to open experience shops so
customers can touch and feel their products before making a purchase.
While the first few centers of excellence
will open in Tier 1 cities and metropolitan areas, the company has done a soft
launch and believes there is demand for such a product not only in metropolitan
areas, but also in Tier 1 and 2 cities. cities in India, Prava is currently
launching in Delhi, Mumbai and Bangalore, and other cities are expected soon.
Exchange
programme
“Furniture purchased through Prava can
be returned to the brand at 50% of the original price after three years and 25%
of the original price after three years. Other companies use exchange programs
as an acquisition strategy, and what we are doing is part of a larger brand
strategy. Ajith Karimpana, CEO and founder of House of Kieraya, told BusinessLine
that when we buy back a piece of furniture, we refurbish it and sell it through
Furbicle or rent it out on Furlenco.
Prava stands out in the furniture retail
sector with its Freedom Circle program, which provides a 10-year repurchase
guarantee that enables customers to return furniture in exchange for points
that can be redeemed for new designs. The website currently offers a range of
products including sofas, beds, soft furniture, dining tables, study tables,
carpets and home decorations, with prices in the main categories ranging from
20,000 to 100,000 rupees.
Looking
ahead
By the end of this fiscal year, HoK expects
to be five times more profitable than last year. The company expects positive
cash flow from operating activities and positive free cash flow by mid-next
year.
“With Prava, we aim to reach Rupees 10 billion
next year. Our annual collection presents a blend of trend-driven aesthetics
and well-designed functional furniture. Prava furniture was not only
manufactured by an award-winning design team, but also for modern Indians,
“said Vivav Lada, Head of Prava. This season’s collections are Floral
Affair, Abstract Energy, BOHO Earth and Eclectic Glamor.
He
said the Prava also includes soft furniture and home decor, adding that the
brand will also enter the kitchen, bed and bath categories in the future.
HoK now includes three brands — Furlenco, a furniture rental brand; Furbicle, which sells remanufactured furniture; and Prava, a luxury furniture and home lifestyle brand. Courtesy: www.theoutreach.in
