Zolijns Design Competitive Analysis

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ZOLIJNS DESIGNS

COMPETITIVE ANALYSIS

June-July-2013

BY:

SUPREET NAGI

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Indian Furniture Market: An Overview

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The Indian Furniture Market is estimated at ~Rs.70,000 Cr,

and expected to grow at CAGR of 11% for next 5 years

Comments

The Indian furniture market is sized at Rs.

70,000 Cr., comprising 0.75% of the

Indian GDP

The Indian furniture market is expected to

grow from Rs 66,500 Cr. in 2010 to Rs

1,12,000 Cr. in 2015 at a CAGR of 11% in

5 years

The largest segment, wooden home

furniture, imports over Rs. 2000 Cr. in

2010, which is growing at a CAGR of 50%

Indian Furniture Market Size and Growth

(Value in Cr, INR)

Source: The Economic Times Report, 2011

66,500

112,000

0

20,000

40,000

60,000

80,000

100,000

120,000

2010 2015

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The Indian furniture industry is largely unorganized, with

the residential sector holding ~65% market share

Key Insights

The Indian furniture market is highly

fragmented with ~85% of the national

production from regionally small size

firms

The organized sector with ~15% market

share comprises of leading

manufacturers, importers and

dealer/distributors

The residential sector with ~65% market

share leads the market followed by office

and hospitality sectors

The Indian furniture industry employs a

total of 3,00,000+ workers

65%

20%

15%Residential

Office

Hospitality

Indian Furniture Market: Segmentation

Source: IBEF Market Research Report, KPMG, 2007

85%

15%

Unorganized

Organized

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Godrej Interio, Usha Lexus and Evok are the top 3

players in the Indian furniture market

Source: www.blogsandyou.com

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38%

23%

3%

6%

6%

24%

China Others Germany

Italy Singapore Malasiya

Key Insights

The Indian furniture imports are

dominated by the Chinese furniture

with ~38% market share, followed by

Malaysian with ~24%

Italy, Germany and Singapore

comprise 15% of Indian furniture

imports

Other countries for import include:

Philippines, Japan, Korea, Spain,

Indonesia

Indian Furniture Market: Demand

~60% of the furniture imports come from China and

Malaysia, followed by Italy and Singapore

Source: KPMG Research Report

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Huge investments are coming into the Indian furniture

market as large foreign players plan to enter and expand in

the Indian furniture space

S.No. Investor Date

Amount

(In INR) Comments

1. IKEA June, 2012 10,500 Cr 25 stores to be opened in India

The company will initially invest

600 million Euros that will further

sum up to 900 million Euros

In just 10 months the company got

an approval to set up stores in

India with a phased investment of

Rs 10,500 Cr

The 1st store to open in mid 2015 in

Mumbai

2. Marina Home January, 2013 500 Cr The investment will be spread over

a period of 5 years

Target is to have 50 stores

comprising large and medium size

boutique stores across metro, tier I,

tier II and tier III cities in the country

The company is likely to announce

its entry into Chandigarh and Noida

soon

Source: Times Of India Article, June’ 2012

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Indian Furniture Market- SWOT Analysis

The rising cost of the imports is the greatest threat the

Indian furniture industry may face in the near future

STRENGTHS

Increasing demand in modern, clean, minimalist

designs

Highly educated, skilled, young, capable & dynamic

human resources

Established branding tradition

India is becoming a world renowned outsourcing hub

Emerging diversity in ideas and designs (Innovation,

Integration)

Big democracy= big market & free media

WEAKNESSES

Inefficient stock control and outdated systems

Lack of trust in external organizations

Fear of sharing knowledge & taking risks

Lack of effective & execution frameworks

Decreasing demand in traditional furniture

Industry has slow absorption of innovation & change

Lack of quality awareness

Lack of quality in customer relations/ services

Need modernization of infrastructure

THREATS

Large fluctuations in stock control , affecting the

businesses

Inter-company collaboration is unknown

Rising cost of imported goods

Pioneering uncertainties

Too many players entering /exist in the market

Fast change in IT Sector, new inventions (Technology,

Innovations)

OPPORTUNITIES

Big potential market in Design sector & emerging new

market segment in Services

Lower labor costs in outsourcing

Research & Development capability

More efficient production method

Hybrid solutions– balancing & blending

Lesser competition in modern furniture design

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Substitutes

No Significant Threat

New entrants

• Growing domestic market

• Too many new entrants

Competitive Rivalry

• Moderately competitive industry

• Transitioning from highly

unorganized to an organized sector

• Fragmented Industry

Suppliers

• Abundant supply of raw material and

labor

• Non -organized supplier base

• Imports getting easier as there are

number of international brands

Buyers

• Increasing demand from key user

segment for lifestyle products

• Majority of market still price

sensitive

• Increase in brand consciousness

Porter’s Five Forces Model for Indian Furniture Industry

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Competitive Analysis

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We identified 10 players across residential and office

sectors, in the organized, premium, contemporary furniture

space

Competitor Identification: Criteria

Competitor Selection Criteria

Organized

Premium

Contemporary

Residential and Office space

European/Indian

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We analyzed the competitive positioning of over 10 players

assessing their company situation and product capabilities

Approach for analysis of players’ competitive positioning

Competitor

Positioning

Product

assessment

Company

assessment

Company

structure

Store Look &

Feel

Geographical

footprint

Product

Portfolio

Customer

portfolio

• Ownership structure and employee strength

• Institutional historical situation of the company

Distribution

capabilities

• Outlets across India

• Geographical coverage of retail and

manufacturing operations

• Size and ambience

• Customer service

• In-store display

• Range of product categories and brands

• Services- Interior design, installation, sourcing,

after-sales

• Types of customers –

Residential, Office and Hospitality

• Extension of distribution network

• Geographical coverage

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BR

AN

DS

PRICELow High

Multi-branded

Single

Branded

Affordable

Zolijns Designs falls in the premium category, along with

Poltrona Frau and Poliform

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An increasing number of international brands are setting up

retail outlets in India, leading to growth of the organized

sector

DELHI

Source: Company websites, news articles, industry reports

MUMBAI

KOLKATA

PUNE

BANGALORE

Key Insights

Many European furniture companies

are present in India, due to the growing

demand for contemporary Italian

furniture

Most palyers are located in New Delhi

and Mumbai followed by Bangalore and

Kolkata

Companies like Casa Paradox and

Vadehra Furnitures have their

manufacturing units in India

Brands like Poliform and Natuzzi are

present across major Indian cities

Residential players sell mostly Indian

and Italian brands

HYDERABAD

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Competitive Analysis- Store Look and Feel

Marina Home excels in store look and feel and customer

service, followed by Casa Paradox

Companies Ambience

Product

Display No. of Setups Customer Services

Casa Paradox 5

Natuzzi Italia 7

Marina Home 8

Vadehra Furniture 3

August (renovation is

on)

1

Poltrona Frau 2

Poliform 5

Haworth India Pvt. Ltd None

Steelcase 2

Durian 5

Ratings: Very Poor. Poor Average Good Excellent

Source: Store visits

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Competitor Analysis- Customer experience when

starting a project

• Will revert within a week with options for various furniture requirements of the project

• The clients are charged as per the project

August (VasantVihar)

• Requires the client to select certain brands/product options from the catalogue

• They will revert with options for the same

• Fee is charged for customization

Poliform

• Layouts required for providing design options

• Focused on proving interior design services

• Fee charged for design servicesCasa Paradox

• Provides limited options for the same product; no customization

• Design services available; sooner delivery due to retail modelMarina Home

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Critical success factors for Zolijns

• Meet varied customer demands across user segments and different geographies

• Meet demand within the time committed to the customer

• Meet demand with efficient sourcing cost

Sourcing and Supply

Chain

• To maintain competitive pricing while offering value through product customization, quality and deliveryCost Minimization

• Important to capture office furniture and contract segments

• Becoming increasingly significant for urban affluent households

• Represent high quality brands with great designs

Brand

Management

• To meet different customer needs across segments

• Affluent households look for customisation to meet their taste and lifestyle requirements

Customization

• Efficient customer service at the outlet: Staff should be well informed and pay attention to what the customer requires

• Great after-sales service for installation and maintenanceCustomer Service

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Sources

1. Slide 3: Economic Times Article, December 24, 2011:

http://articles.economictimes.indiatimes.com/2011-12-04/news/30472125_1_ikea-

furniture-ikea-catalogue-mikael-ohlsson

2. Slide 4: IBEF Market Research Report, KPMG, 2007:

3. Slide 6: Slide Share: http://www.slideshare.net/Jigyasa/furniture-verticals-students-

submissions

4. Slide 7: Times Of India article, June, 2012:

http://articles.timesofindia.indiatimes.com/2012-06-22/delhi/32368420_1_ikea-ceo-

sourcing-medium-enterprises

http://articles.economictimes.indiatimes.com/2011-12-04/news/30472125_1_ikea-furniture-ikea-catalogue-mikael-ohlsson

http://www.slideshare.net/Jigyasa/furniture-verticals-students-submissions

http://articles.timesofindia.indiatimes.com/2012-06-22/delhi/32368420_1_ikea-ceo-sourcing-medium-enterprises

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Residential Competitors

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NATUZZI ITALIA

Company Overview

Year established: 1959

Founders: Pasquale Natuzzi

Locations: China, Belgium, Spain, UK, Japan, Brazil, India and Russia.

Concept: Italian furniture, B2C

Background/history:

• It designs, produces and markets sofas, armchairs and living room accessories.

• In 1993, Natuzzi Group became the only foreign furniture company to list on Wall Street.

Strategy/Growth plans

Major Customers

Other Information

The Strategic Growth Plan of the company in India is to set up stores in

Ahmadabad, Pune and Goa

The company also plans to develop a network of Natuzzi and Italsofa

branded stores across all key locations in Western Region including

Ahmadabad and Pune in the near term.

Source: Company Website, News articles

Product Profile

Brands: home brands: Italsofa, Editions and Natuzzi

Products: beds, armchairs, outdoor furniture,

All Natuzzi sofas and armchairs have a ten year warranty on the frame and two years on the upholstery, mechanical parts and coverings.

Services: delivery at retailer’s premises, anywhere in the world, products invoiced in the retailer’s currency, and complete on-line pre- and post-sales assistance

Natuzzi Group controls 92% of raw materials and semi-finished products, 82% over services.

Type of clientele: Residential: High-end individuals.

Natuzzi is the largest former Italian furniture company with 2011 turnover

of euro 486.4 million.

The Natuzzi Group currently employs about 6,740 staff.

Unique warranty conditions defending value over time.

ISO 9001 System of Quality certification

ISO 14001 Certification for Environmental Control

Certification of the Integrated Management System

Quality/environment ISO 9001/2000

Natuzzi to invest 60 cr. For retail outlets here in India. 15 new showrooms

are to be set up by the end of this year.

Store Information

No. of Stores: 123 world-wide and in India: Gurgaon, Kolkata, Hyderabad and Mumbai

Store size:

Store Look & Feel: Great ambience.

Footfalls:

Customer service in the store: Average.

Any marketing collaterals/promotions: no

Anything which stood out in the store: The store ambiance was pleasing. A customer can easily pick and choose a product as per the settings done in the store.

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CASA PARADOX

Company Overview


Founders: Raseel Gujral and Naveen Ansal

Locations: New Delhi

Concept: B2C concept with Italian furniture inspiration

Background/history:


Major Customers

Other Information

xyz


Product Profile

Brands: Casa Paradox, Paradox Pink, Paradox Black, Illustratti

Products: Furniture: beds, sofas, tables, chairs, arm chairs, side boards Accessories: lights, wall pieces, table lamps, signature pieces and Soft Furnishings

Services:

Provide with services like: full interior designing, designer furniture manufacturing, vaastu based planning and designing

Sales and after sales services like: store to home transferring, installation, and even future maintenance is charged after a particular time period

Commercial,

Residential

Hospitality

A less into corporate

First time exhibitor at Maiso et Objet in Paris, Sep 2013

Listed in Black Book Top 100 and Forbes

Store Information

No. of Stores: Paradox Pink: Mumbai, Paradox Black: Bangalore

Store size:

Store Look & Feel: Good ambiance. The ”Illustratti” display was amazing and eye-catching

Footfalls: Not much sales persons

Customer service in the store: The customer service was good but the sales person did not have an idea of the prices of products displayed

Any marketing collaterals/promotions:

Anything which stood out in the store: The Illustratti

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POLTRONA FRAU

Company Overview


Founders: Sardinian-born Renzo Frau

Locations: America, Asia, Europe, Africa, Oceania.

Concept: Contemporary Furniture.

Background/history:


Major Customers

Other Information

xyz


Product Profile

Brands: Poltrona Frau, Cassina, Cappelini, Nemo

Products: beds, arm chairs, sofas, chairs, tables, shelves.

Services:

Type of clientele:

Residential

Office

Hotels

Poltrona Frau came in India through Casa Décor ,a joint venture with local Indian conglomerate Tata Group

With the new opening Casa Decor estimates a 50% increase in Poltrona Frau’s turnover in India within the next year, projecting a turnover of 4 million Euros

Casa Decor has been operating two other Poltrona Frau showrooms in the metropolis of Mumbai and one in Bangalore

Store Information

No. of Stores: 3: Mumbai, Bangalore and New Delhi..

Store size:

Store Look & Feel: Rough. No particular sectional displays. The store floor is too noisy.

Footfalls:

Customer service in the store: Good customer service. Well greeted by an Italian Lady who had been working with the company since many years. Good knowledge of every product known.

Any marketing collaterals/promotions: A complete product booklet.

Anything which stood out in the store: The Le Corbusier furniture.

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MARINA HOME

Company Overview


Founders:

Locations: Dubai, Bahrain, Kuwait, Qatar, India and Egypt.

Concept: Sensible fusion of Modern and the Rustic, Avante Garde and the Exotic, Cosmopolitan and the Flamant.

Background/history:


Major Customers

Other Information

Plan to invest Rs 500 cr in the next five years in India

Target is to have 50 stores comprising large and medium size

boutique stores across metro, tier I, tier II and tier III cities in the

country.

The company is looking to open stores in countries like the UK, the

US and Canada by the end of this year.


Product Profile

Brands: Own home brand

Products: beds, sofas, tables, side boards, accessories, soft furnishings

Services:

provide with design services and modifications as per customer requirements.

Sales and after sales services like: store to home transferring, installation, and even future maintenance that is for 3 years without cost and after that appropriate charges are applied

Type of clientele:

Residential

Office

Hotels

On Contract

The company is likely to announce its entry into Chandigarh and Noida soon

Store Information

No. of Stores: 1 in New Delhi

Store size: 21,000 sq.ft.

Store Look & Feel: An elegant store, and the displays were according to Indian customers, that is, a more classic furniture range. The entrance was very appealing with a glass wall.

Footfalls:

Customer service in the store:


Anything which stood out in the store:

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POLIFORM

Company Overview


Founders: Alberto Spinelli, Aldo Spinelli and Giovanni Anzani

Locations:

Concept:

Background/history:


Major Customers

Other Information

Ahmadabad store coming up soon by the end of 2013


Product Profile

Brands: Verenna, Poliform

Products : bookcases, wall units, wardrobe, kitchen solutions, beds, side boards, walk-in-closets, tables, coffee tables, chairs and armchairs

Services:

Design and planning

Furniture transport

Product customization

Commercial

Residential

Store Information

No. of Stores: New Delhi, Pune, Bangalore

Store size:

Store Look & Feel: the store was under construction but still well organized with a setup of an apartment

Footfalls: the wardrobes were full of mess and cardboard packing boxes that was not appealing

Customer service in the store: good. The sales person had a good and relevant information about the products and the company

Any marketing collaterals/promotions: catalogues with complete product range

Anything which stood out in the store: the wall unit on the entrance was amazing and the lights that they had displayed were beautiful

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VADEHRA FURNITURES (Defense Colony)

Company Overview


Founders: Tarun Vadehra

Locations: Studio in Defense Colony, Delhi.

Manufacturing Unit in Sector 58, Noida, Phase III

Concept: Unique interiors and finely handcrafted furniture

Background/history:


Major Customers

Other Information


Product Profile

Brands: Own home brand: Poliform and Varenna

Products: Beds, sofas, lounge chairs, arm chairs, soft furnishings, tables.

Services: sales and after sales services including:

Installation.

Full modification of the product according to customer need.

Residential.

Normal customers and high end customers.

The company designs for the customers according to their needs and

wants.

Have 3 stores at a single place showing different modules of design

like: art, furniture, etc.

Store Information

No. of Stores: 3

Store size:

Store Look & Feel: Classic, home like feel. With no setups too a person can see how the product will look at their place.

Footfalls: No marketing / promotion criteria adapted.

Customer service in the store: Was not so pleasing. The receptionist was the only sales person.

Any marketing collaterals/promotions: nothing.

Anything which stood out in the store: The beds were outstanding. Both elegant and modern designs made a big difference that may appeal a customer’s eye. The lighting of the store made you feel like in home.

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AUGUST (Vasant Vihar)

Company Overview

Year established:

Founders:

Locations/Concept: B2C approach

Background/history:


Major Customers

Other Information


Product Profile

Brands: Fendi Casa, Poliform,

Products: beds, sofas, chairs, arm chairs, tables, side boards, light fixtures accessories, soft furnishings, kitchen sollutions

Services:

interior design services,

installation,

maintenance (chargeable after a certain period of time)

Residential.

Normal customers and high end customers.

Store Information

No. of Stores:

Store size:

Store Look & Feel: under renovation

Footfalls:




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OFFICE FURNITURES

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HAWORTH

Company Overview


Founders: Gerrard Wendell (G.W.) Haworth

Locations: America, China, India

Concept: modern office furniture

Background/history:


Major Customers

Other Information


Product Profile

Brands: own home brand.

Products: movable walls, office desks, seating etc.

Services: installation, sales and after sales, great extent of modification ideas available.

Type of clientele: Office

A B2C category and also deals with private home offices

Store Information

No. of Stores: 3: Mumbai, Bangalore and New Delhi

Store size: 1160 sq. ft.

Store Look & Feel: Simple store, with no much decorations.

Footfalls: Quite expensive foe India Office Furniture Industry.

Customer service in the store: Good.

Any marketing collaterals/promotions: yes, catalogues of every product is provided.

Anything which stood out in the store: nothing was so appealing.

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STEELCASE

Company Overview


Founders:

Locations: Australia, China, Japan, Hong Kong, India, Malaysia, Singapore.

Concept: Contemporary Office furniture.

Background/history:

began in 1912 in Michigan, and received its first patent in 1914 for a steel wastebasket.

That led to metal desks, and have led the way with product and service innovations ever since.

Sustainability is embedded in everything.


Major Customers

Other Information


Product Profile

Brands:

Products: More than 500 product lines in Chairs, Tables,

Services: Sales and after sales services including: delivery, installations etc.

Type of clientele:

Residential Office,

Office

N°1 in the office furniture industry

$ 2.9 billion annual revenue in fiscal year 2013

Approximately 10,400 employees worldwide

Management systems for Quality (ISO 9000) and for Environment

(ISO 14000)

Approximately 630 independent authorized dealers in over 850

locations worldwide

$103.8 million invested in research, design and development

activities over the past 3 years

More than 1,500 active patents and design registrations worldwide

80,000 clients served over the past 5 years

Since 1998, Class A Common shares traded on the NYSE under the

symbol SCS

Store Information

No. of Stores: 21 plants: 12 in North America, 5 in EMEA and 4 Other

Store size:

Store Look & Feel:

Footfalls:




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DURIAN

Company Overview


Founders: Sajjan Dokania (M.D.)

Locations: Mumbai, Ludhiana, Chandigarh, Gurgaon etc.

Concept: contemporary furniture , B2C approach

Background/history:


Major Customers

Other Information


Product Profile

Brands: home brand.

Products: doors, laminates, plywood, contemporary furniture

Services: sales and after sales: installation and repair in case of any damage.

Type of clientele:

Residential

Office

Hotels

School in Rajasthan for girls.

Sponsorship to students for education.

Donation of life saving equipment to various Hospitals.

Upliftment of socially backward masses in association with the

Rotary Club.

Providing Medical Aid/ free drug during calamities for the victims.

Recognizing the young talent from the interior designing field,

through "Durian Society Interior Design Awards" for last decade.

Durian plywood has been the most preferred choice in the

industry for years

Store Information

No. of Stores: 33 stores all over India mainly: Mumbai, Bangalore, Delhi, Ahmadabad, Chandigarh

Store size:

Store Look & Feel:

Footfalls:




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New Delhi 110 013 , India

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Zolijns Design Competitive Analysis