This is how the luxury furniture industry works today...
There are broadly 10-15 styles of designs that are in vogue...
1/ Japandi - a mix of Japanese and Scandinavian minimalist design with natural elements from each of the two countries - think more cushier beige Ikea, but higher end
2/ Italian - Bold colours, high craftsmanship and fine fabric, more intricate designs
3/ Mid Century Modern - Mix of traditional and modern elements with clean lines
Then there’s Industrial, Bohemian, Art Deco and Rustic among others.
3 or 4 design types trend in the market at any given time...
And folks with luxury houses are shown designs from the highest end of brands... say Italian brands like Minotti, Georgetti, Poltrona and so on.
A sofa from one of them could cost no less than Rs 10 lakh...
So contractors (as well as owners of homes) go down to the Louvre Mall in Foshan, Guangdo... and pick the same designs in the same material and craftsmanship that even the original companies can’t tell apart.
These products are available at 30% of the price in retail... and in bulk procurement, people can negotiate up to 65% discounts... and delivery time is ~90 days.
Even owners of luxury homes prefer to buy from here because despite having a home worth Rs 100 crores, you don’t mind saving another 2-3 crores on interiors if you can get the same thing for cheaper.
The Louvre Mall in Foshan is the largest, fanciest mall for luxury furniture in the world... not necessarily copies, but original too... and each floor has different types of furniture.
And in India, Kirti Nagar is the largest furniture market, but doesn’t have the same things.
I would want that businesses from India come together to see the Louvre Mall and build something similar in India... not copies, but inspired by the same designs.
We have the ability to be better, only if we make the effort to learn what the competition is doing... and then do it b
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A Chartered Accountant with about 10 years of experience in areas of Tax Advisory, Startup Consulting, Fundraising, Audits, Deal Advisory, Business Modelling and contract CFO services.
Winner of the ISB Young Leader Award 2017 and the Best All Rounder, PGP Class of '17, Sarthak has also been published about in the leading financial newspapers such as The Financial Express as possibly the youngest Indian to have completed the courses of CA, CS and CMA along with a graduate degree in Financial & Investment Analysis from University of Delhi, all by the age of 23 years.
