Jaipur Rugs on global expansion, expects 20% growth in global retail sales this fiscal, ET Retail

New Delhi: Jaipur Rugs, a manufacturer of hand-woven carpets and rugs, plans to expand its business globally by opening two stores in Southeast Asia and six stores in India by the end of the current fiscal year, Yogesh Chaudhary, Director, Jaipur Rugs, told ETRetail.

Expanding its international retail presence, the company opened a store in Chelsea Harbour, London last week. It also plans to open a retail store in Singapore this quarter.

Currently, the manufacturer of luxury, handmade carpets operates its own stores (COCO) in Milan and Dubai, as well as franchise stores in Russia and China.

In India, Jaipur Rugs has opened retail stores in cities like Jaipur, Mumbai, Delhi, Bangalore and Pune and also has franchise stores in Surat, Ahmedabad and Chennai.

continued below

Growth expectations

With its global expansion plans and offline presence, Jaipur Rugs expects a 20 percent growth in overall retail sales in Indian and international markets. It also expects a 15 percent growth from global operations, including exports.

The company said the group’s total turnover was Rs 975 million in the financial year ending March 2024, with 13 per cent coming from its operations in India and the rest from global markets.

The revenue break-up for fiscal 2024 revealed that exports contributed around 54 per cent, which is equivalent to Rs 526.5 crore. Offline retail contributed 40 per cent, which is equivalent to Rs 390 crore, while e-commerce accounted for 6 per cent, which is equivalent to Rs 58.5 crore, as per the company data.

Speaking about the overall outlook for the global handmade carpet industry, Chaudhary said, “Handmade carpets continue to enjoy a strong demand across markets, driven by their unique aesthetic appeal, cultural significance and growing consumer preference for sustainable and artisanal products.”

He added that interest in handmade rugs varies by region. In the UK, especially in cities like London, there is a strong interest in bespoke and sustainable home decor, driven by a preference for luxury items with a rich heritage.

In India, rapid urbanization and a growing middle class are driving demand for high-end home furnishings, with a solid appreciation for traditional craftsmanship, the company said. Southeast Asia is also seeing rising affluence and a growing interest in premium home furnishings in countries like Singapore, Malaysia and Thailand.

With strategic expansion plans in mind and with a focus on maintaining high standards of craftsmanship, Jaipur Rugs aims to capitalize on the growing global demand for handmade, eco-friendly home décor products.

Most read in Furniture & Decor