Centuryply targets Rs 500 crore turnover from retail foray

Plywood and decorative veneers maker, Century Plyboards is targeting a turnover of Rs 500 crore in the next five years from its retail foray under the banner Nesta Furniture. The Bombay Stock Exchange (BSE) listed company launched its first home lifestyle solutions store in Bangalore with a target to reach 111 outlets. The company will invest to the tune of Rs 100 crore in the retail business.

According to Sajjan Bhajanka, chairman, Century Plyboards (I) Ltd, the company is envisaging the retail chain to occupy approximately 3.5 million square feet of retail space in the coming years. “Retail business in India is at an interesting stage. Our latest venture in the readymade furniture retail business is a move up the value chain and a natural progression in the wood products category. We are keen to leverage our experience and strengths in retailing the finished end product. We will have flagship stores in key markets and also adopt franchise model to tap other markets,” said Bhajanka. 

The company management however, did not share any information about how will it fund the retail business.

A market leader in wood and wood products in India for three decades, Centuryply has been a trendsetter and pioneer with many firsts to its credit. Leveraging on the company’s in-depth knowledge of wood and design elements, Nesta will offer stylish, authentic and exclusive wooden furniture and home decor accessories to Indian households.

Abhra Banerjee, executive business head, Centuryply, said, “There has been a sharp increase in the popularity of genuine designer furniture over the last few years and Nesta will serve to be a retail hub for quality products. We will offer the latest designs and introduce a new collection every 3 months.”

The home lifestyle solutions store will be designed in a manner that customers will be able to experience and visualise the furniture in a room. An exclusive zone created in the store would allow customers to choose colours, different options for each room to get the perfect look, furnish the room dimensions and visualize how the furniture will look in their apartment on a giant LED wall. The store will also have a mock up of an apartment with approximately the same dimensions as a typical 1BHK flat. The furniture retail chain will also put a lot of emphasis on prompt after sales and maintenance to the customers.