Anand Baldawa

How would you sum up the past year?

2022 has been a year of growth for our business. In the contract manufacturing vertical the set-up of a state-of-the-art manufacturing facility spread over 80,000 sq. feet offering all kitchenware manufacturing requirements under one roof, has been a key milestone for us. Our in-house tooling process today has 500+ tools with a capacity of developing 50+ in a year.

Likewise, in our agency distribution business catering to the India market, our biggest highlight has been the expansion of our brand portfolio which now includes over 30 international brands, market leaders in their respective categories in the kitchen and home space. We now offer over 1,500 SKUS and 50,000 product choices, through our integrated, centrally located, single stop warehouse.

How do you perceive the retail landscape at the moment for homewares/ home décor/ tableware suppliers?

We perceive there is sufficient demand for homeware/tableware. India’s online/ e-retail market is witnessing all-time records growth. The Indian consumer today is even more bullish than ever before with an expectation to be the second largest shopper base globally, 2025-26.

With consumers welcoming guests back to their home, there are personal, family and friends celebrations which will keep the demand buoyant. Consequently, retail demand will continue to grow in the category.

Do you currently sell more online or in brick & mortar stores?

The online channel has grown exponentially considering online shopping is a growing trend in India. We retail across the top 15 marketplaces in India in addition to our own website.

We have also seen a steady growth through our offline channels and we target to expand to more than 60 cities in India.

How do you market/encourage sales of tableware in a cost-of-living crisis?

In the face of the cost-of-living crisis, there are always opportunities for businesses to adapt their retail strategy. The smart approach will be to implement an integrated strategy that is aligned with your consumers current purchasing and browsing habits, rather than relying solely on previous activities that have proven to be effective in the past. With consumers more cost-conscious businesses must see to increasing the efficiency of their supply chains leading to better cost management. It’s also extremely vital to present product value by putting out the best-value products centre stage –effectively doing the research for customers. All of this will result in a more optimised retail strategy and increased chances of encouraging purchasing.

Finally, how do you think the industry will perform in 2023?

Globally, between 2023 and 2028, the tableware market is expected to grow at a rapid pace. In 2023, the market will grow steadily, the market is expected to rise over the projected horizon.

In India, houseware is a growing category. By 2030, it is estimated that more than 20% of the Indian household will be either affluent or elite, contributing more than 51% of the household consumption expenditure. This rise in the affluent and elite households will also advance the consumption and consumer spending upwards in this industry. As with other macroeconomic metrics, India is one of the few, if not only, economy that is expecting to grow in high single digits in the coming years and the consumer/domestic consumption is at the forefront of this growth. We hope, expect and pray that 2023 is going to break all records so far achieved by us!