A Rs 70-crore game plan

Bengaluru-based luxury furniture manufacturer plans to open 55 new premium retail outlets across India

‘Global Living Emporio’ in Bengaluru is spread across 1,00,000 square feet and houses more than 40 internationally renowned furniture brands.

Stanley Lifestyles, the maker of premium furniture and home décor products, in February announced its foray into complete luxury home interior solutions and personal accessories through Stanley Level Next, its new flagship premium lifestyle store launched in Bengaluru.

Over the next couple of years, the company plans to open five more Stanley Level Next new-gen retail outlets with an investment of Rs 20 crore and expand its omni-channel mid-segment furniture outlets, ‘Sofas & More’, from seven to 50 stores with an investment of Rs 50 crore.

Preparing for a global foray and plans for an IPO by 2024, the company is targeting revenue of Rs 650 crore.

Present across 20 exclusive stores and 30 sales points in 10 Indian cities – among them Delhi, Mumbai, Gurugram, Hyderabad, Bengaluru, Chennai, Kolkata and Kochi – the Stanley group aims to achieve Rs 700 crore by 2025 from its current sales of Rs 360 crore.

Factory expansion

Committed to the ‘Make in India’ initiative, Stanley plans to expand its 3,50,000-square-foot state-of-the-art manufacturing facility in Bangalore, with an additional 2,00,000 square feet to meet the growing demand and seeks to increase its employee base from 1,200 to 5,000 in the next 5 years.

According to Mr Sunil Suresh, Founder Chairman and Managing Director of the Stanley Group, the company commissioned two new factories in 2019 with an investment of Rs 15 crore – one for kitchen and wardrobes, and the other for premium mattresses and bedding.

Stanley is an ‘A’-rated debt-free company, with adequate cash reserves and has successfully raised growth capital fund with a company valuation of US$ 125 million, Suresh added.

India’s first manufacturing-retail home furnishing brand, Stanley is a global vendor to IKEA and La-Z-Boy. It caters to top automobile manufacturers in India, including Tata, Toyota, Ford, Mahindra & Mahindra, Renault; aviation manufacturers such as Boeing; and hospitality customers like Taj, Intercontinental and Starwood.

Suresh says, “We compete with international brands and are known for our high quality standards and craftsmanship. We proudly position ourselves in high-end home and lifestyle business. As a luxury brand, we design and develop modern offerings with an international touch that are customised to suit Indian lifestyles and living conditions.”

Setting standards

The Stanley Group has a cabinetry manufacturing unit with German know-how, to design and manufacture kitchens, wardrobes and storage units. It has now commissioned a prestigious design team to helm its collection of bespoke products and accessories.

A pioneer in premium leather sofas in India, Stanley Lifestyles opened the country’s largest multi-brand anchor store, ‘Global Living Emporio’, in Bengaluru. It is spread across 1,00,000 square feet and houses more than 40 internationally renowned furniture brands.

Stanley’s wide portfolio also includes ‘Stanley Boutique’, its legacy stores that primarily sell sofas and recliners; ‘Sofas & More’, its product driven omni-channel concept, targeting mid-high segments of the markets; and ‘Stanley Level Next’, its new format stores that aim to position Stanley as a lifestyle brand.

Sunil started his career working at a distillery and later joined a leather garment exporter as a production manager. He founded his own company in 1996, which started with automotive seating and diversified to home seating.

His wife and co-founder, Ms Shubha, handles the retail wing of Stanley Group. She is a keen business strategist, successful woman entrepreneur, and a mother of two children.

 

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