Vezza entire gamut of players involved in furniture & furnishing industry due to the implied rise in demand for home renovation

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Q. Traditionally, domestic companies in this are fragmented, labor-intensive industries that have concentrated on wholesale manufacturing? Your views on the same

You are quite right in your assessment. Furniture industry in India is highly fragmented & largely unorganized. Reason for this is probably the uniqueness of India as a country where people from different geographies not just speak different languages but also have varied tastes and likings according to local climatic conditions, availability of specific materials, local culture, style & the level of education. Barring a small percentage of the population which could afford to spend on design & style, most of the Indians were or even till now have been largely at the stage of fulfilling their basic needs where their focus was on the strength or longevity of product/s. A case in example from the industry is the presence of Godrej Steel Almirahs in most Indian middleclass households which were mass produced to fulfill the need of long lasting, strong & safe almirahs.

Q. What investment opportunities does this industry present to its investors during uncertain times?

Covid 19 has dramatically changed the way most of us have been living, working or studying till date. This unprecedented situation has forced most of the middle, upper middle & wealthy to relook at their daily routine and adapt to the changed scenario of being mostly confined to their homes. This situation presents a great opportunity for the entire gamut of players involved in furniture & furnishing industry due to the implied rise in demand for home renovation & furniture items like study tables, workstations, book racks, chairs etc. This is evident from the unprecedented rise in lumber prices internationally during 2020-21, peaking around April, May 2021 and reaching close to $1700 per 1000 feet of wood.

Q. Residential or Commercial! Which sector contributes to your businesses?3. Do you think that the rising cost of production, along with intense overseas competition, has forced a consolidation and shift to the retail side?

In my humble opinion, it is the rise of the middle class & their income in last three decades in India which has led to this visible shift where manufacturers have started paying some importance to design & style instead of mass producing a single look product. Indian furniture & furnishings industry will witness entry of various new players in coming years. Since more than 45% of urban homes in major Indian cities have 3 or lesser rooms, demand for home furniture will witness a tremendous upside over this decade.

Q. Which are the major challenges for Indian furniture manufacturers and retailers?

Indian furniture manufacturers like various other manufacturing industries (barring automobile) face the problem of a suitable eco-system to thrive. A manufacturer here typically faces impediments like lack of availability of suitable raw material, hardware & trained workforce. This coupled with lack of availability of uninterrupted & affordable power, high rate of taxes & lack of developmental focus of govt. agencies demands the Indian manufacturers to be highly resilient in order to survive & make a mark.

Indian govt. has to seriously work towards reviving the ailing manufacturing sector and it must focus on providing level playing field to the micro & small sector for it to compete with players with deep pockets.

Q. Residential or Commercial! Which sector contributes to your business?

Vezza has a unique range of space saving furniture solutions like Study cum Wall Bed, Sofa cum Wall Bed, Expandable Beds, Bunk Beds, Foldable Tables etc. largely catering to the residential sector, thus major part of our revenue comes from the residential sector. We see a huge potential for our products in urban homes as they cater to the most basic human desire for free space, which today comes at a huge premium in large metropolitan cities.

Apart from residential sector we do have a large commercial potential in segments like studio apartments, co-living spaces, hostels, hotels, hospitals and smart offices.

Q. Trends change with times. What new you have to offer to your consumers. Tell us more about the same.

Vezza is all about changing trends in furniture industry. The interior & furniture solutions provided by Vezza were always positioned towards “Work from Home” environment or for those who desire to live in free spaces. Our entire range of wall mounted beds and folding tables is best suited for those who wish to or have to work from home. The most affordable product in this is called Tavalino, which starts at Rs.3984/-. Our highest selling product in this category is Studiare Queen which starts at Rs.70,210/. This product beautifully combines a wall bed with study table using the same space, thus unlocking more than 75% space in your room. Other products that suit the WFH category are Arte, Alzare & Festa. We therefore proudly say that our customers are very smart as they are not just buying our furniture but are unlocking their expensive floor space.

Q. 7. International trade, safety, and environmental regulations have an impact, sometimes beneficial, sometimes detrimental, on the industry. Your views.

At Vezza we believe that humans are fully dependent on environment and cannot survive peacefully if we do not care for it. It’s true that environmental regulations may occasionally appear to have a detrimental impact on the industry but in the long run these are for common good. We must respect nature and it is our collective responsibility to work towards its conservation. Each of us need to focus on bringing down our consumption and recycle as much as possible because all of us know that Earth has finite resources and we must thrive towards devising sustainable solutions not just for industry but for our future generations as well.

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