India at the Core of HTL International’s Global Growth Strategy
HTL International, a Singapore-based global leader in upholstered furniture, is charting an ambitious India expansion, with plans to double its revenue and footprint over the next three years
HTL International, a Singapore-based global leader in upholstered furniture, is actively growing its presence in India. Since its inception in 2022, the company has already opened 30 shop-in-shops for its core brands Domicil, Fabbrica, and Corium. Over the next two years, the company intends to expand its retail footprint to 60 shop-in-shops and 10 mono-brand locations. The majority of the new outlets will be located in major metro areas and Tier 1 markets across the country. The flagship mono-brand stores will be a combination of company-owned and franchised locations.
Manoj Kumar Nair, Country Head (Brands), India, Middle East and Africa, HTL Group of Companies, said, “We are delighted to expand our retail presence in India, a market that holds immense growth prospects and plays a pivotal role in our global strategy. Our goal is clear to make India a major contributor to HTL’s global success while bringing world-class design and comfort to Indian homes. India currently contributes about 5% to the company’s overall global revenue, but the plan is to double this to 10% in the next three years.”
HTL Group’s strategy focusses on filling a huge hole in India’s premium furniture category, putting itself between mass and luxury categories. As Manoj Kumar Nair explains, “Over the years, we have witnessed a significant void in the premium furniture category in India, which we call it the mid-high segment. Our brands Domicil, Corium and Fabbrica are perfectly fitting into that segment. The premium positioning of these brands is a direct response to the changing consumer behaviour, as people now increasingly view furniture purchases as lifestyle investments rather than one-time acquisitions.”
The Indian furniture market provides appealing potential that complement HTL Group’s premium positioning. According to industry reports, India’s furniture market is worth roughly $23-30 billion and is predicted to develop at a healthy CAGR of 10-11% between 2024 and 2032. The upholstered furniture market, which is HTL’s core strength, is expected to be worth $11.98 billion in 2025 and $16.69 billion by 2030, growing at a 6.86% CAGR. India’s luxury furniture industry is expected to be worth $4.35 billion by 2024, rising at a CAGR of 4.24%.
HTL is the first multinational furniture manufacturer with a dedicated manufacturing facility in India. The facility in Chennai serves the local market while also exporting to the United States, the United Kingdom, and the Middle East. Going forward, the company intends to increase production to meet domestic demand. HTL’s competitive advantages include the ability to launch 250+ concepts each year, rapid time-to-market capabilities, and worldwide design experience while keeping local production and customisation. In the next years, the group intends to grow beyond upholstered furniture by introducing mattresses under the Domicil brand, which would target comparable luxury market sectors in India.
For more details, visit: https://www.htlinternational.com/
