Godrej & Boyce launched its second store here of the premium home furniture and décor brand “Script” on Thursday. The first store was opened in Bangalore and the company aims to achieve the target revenue of Rs 3.2 billion by 2020, though the market is “highly unorganised”.
Rajat Mathur, the company’s business head, said that the company sees the concept of “Script” as a “Rs 10,000 crore market, where we cater to people who are aesthetically experimental and very well attuned to trends”.
Addressing the media here, he said, “We used Script as a brand name because we want to find solutions for people—solutions which are going to help you choreograph the interiors of your home the way you want it, which resonates with the name.”
Mathur said that the furniture business is highly unorganised with a very few market players. “Most of the limited organised players in the market are catering to mid-level audience or targeting premium and luxury level of audience. There is a huge gap in the middle which we call the mass premium segment where there is hardly any organised player,” he said.
Speaking about the entry of international home décor brand IKEA, Mathur said that “they don’t see it as a competition”. “With Script, we don’t see a direct competition with IKEA because we are not offering what they are. We are happy that IKEA is coming to India,” he said.
Emphasising on the unorganised factor, Mathur said that it is going to be a cultural shift for people and that “Script” is offering a very different demographic. “I feel that IKEA’s coming is a good thing as it is going to really help the furniture business. People are going to prefer IKEA, but India is a huge market and it has space for everybody. I believe IKEA will help brands like us and will help people go to the brand,” he added. With the furniture business finally expanding, with online brands like Urban Ladder and Pepperfry coming into retail, “Script” seems to focus on engagement with the audience. Speaking to The Sunday Guardian, Mathur explained how “Script” is different and said, “Script’s design philosophy, user insights, as well as practical and creative solutions, coupled with our integrated set-up of in-house design cell and state-of-the-art owned manufacturing facilities, will always give the brand a cutting edge over the competition.”