- ‘Index Living Mall’ reveals plan to penetrate South Asia, joining forces with major retailer ‘Creaticity’ to penetrate the Indian market.
- Creating largest, most comprehensive lifestyle & home product destination in the city of Pune, Maharashtra.
- Set to launch in Q4/2024 to take advantage of the rapidly growing economy & middle class with increasing purchasing power.
Index Living Mall Public Company Limited (SET: ILM) revealed plans to penetrate the South Asian region, with India as the initial and primary market. The company is joining forces with major partner “Creaticity” to expand its services as an integrated lifestyle shopping destination, featuring the largest collection of popular brands in Pune, India—a city in a country that is the world’s fifth-largest economy. This expansion responds to the rapid growth of the middle class and their increasing purchasing power. This move follows skyrocketing consumer demand for furniture and home décor in the region. The first ILM location is set to open in Q4/2024, with plans to expand to expand into several further locations over the next five years, driving overseas sales revenue growth.
Ms. Kridchanok Patamasatayasonthi, Managing Director of Index Living Mall Public Company Limited (ILM), a leader in the retail furniture, household items, and home décor industry, shared that ILM aims to continuously grow both domestically and internationally to reaffirm its position as a leader in complete home lifestyle products. This year, the company plans to expand abroad to India, seeing this as a high-potential market due to its robust economic growth. Data shows that the expansion of domestic businesses and the rate of domestic consumption have grown by an average of 10 percent per year over the past decade, making India the world’s fifth-largest economy after the United States, China, Germany, and Japan. India’s gross domestic product (GDP) is projected to grow by approximately 6.5-7 percent in the fiscal year 2024-2025, underscoring the stability and potential of the Indian economy (Source: Kasikorn Research Center and the Ministry of Finance of India).
ILM is gearing up to enter the Indian market by collaborating with “Creaticity” a retail business group offering integrated lifestyle products and operating successfully for over 16 years. Creaticity is Pune’s largest home lifestyle destination and the second-largest city in Maharashtra. ILM has granted a franchise to Creaticity to import and distribute furniture and home décor under the ILM brand.
Index Living Mall India will open initially at the Creaticity shopping mall in Pune in Q4/2024, with a space of approximately 3,200 square meters. The layout is designed to create a seamless shopping experience with modernistic design, emphasizing spaciousness and comfort. The store features inspiring displays of furniture and home décor in realistic virtual presentations. The product breakdown is 55% furniture including Index Furniture, Winner Furniture, Furinbox and 45% home decoration (HDI) including Index Home. Categories include living room furniture (sofas, armchairs, coffee tables, and TV stands), bedroom furniture (beds, wardrobes, and dressing tables), dining sets, and office furniture (desks, chairs, and storage cabinets). These products cater to various styles, including modern, minimalist, and traditional contemporary, with thoughtful design to meet Indian cultural preferences. In addition, professional designers and interior decorators will offer virtual room design services to support current consumer trends. The target demographic includes middle- to upper-class families (urban dwellers), the new generation, and working-age individuals whose purchasing power is steadily increasing. Additionally, the store provides various types of furniture in every style. Moreover, lLM is having a 5 years plan (2024-2028) to expand 3 branches in Bangalore, a city which located in the south of India that having a high potential in terms of economy and population.
Ms. Kridchanok stated that this partnership is a key step in ILM’s growth strategy and opens the door to competition in high-potential foreign markets like India. Furthermore, ILM’s products align with Creaticity’s vision of introducing renowned home lifestyle brands to customers, enhancing its home product portfolio. The collaboration between the two companies is expected to mutually strengthen growth potential and elevate Creaticity’s status as a high-standard furniture retailer, solidifying its position as a leading home product shopping destination in India.
“Currently, Index Living Mall has expanded its furniture business by granting franchisee status to leading partners in six countries, with 14 branches in countries such as Vietnam, Myanmar, Laos, Cambodia, Nepal, the Maldives, and now India, as the seventh country. ILM brings its strengths as a manufacturer and distributor, offering outstanding modern designs in a variety of styles to meet functional needs and the latest design trends. These products, which include furniture, household items, and home décor, are all available under one roof, providing customers with convenience, quality, and value. With our in-house factory, we maintain quality standards at competitive prices. This has built confidence among business partners and customers that ILM products offer quality, value, and reliability. “
Dr. Mahesh M, Chief Executive Officer of Creaticity, India, said Index Living Mall is Thailand’s No.1 furniture and home decoration retailer with more than five decades of experiences in the business and a 34-percent market share of furniture retail outlets with 32 branches at present. This strategic cooperation with ILM will help to drive the goal of Creaticity through the introduction of high-quality, exceptional style and useful functionality that reflect the taste and preference of Indian customers. We believe that by combining global trends with Asian sensibilities we will be creating a distinctive charm and meet the demand of Indian customers in all segments. We have plans to launch more Index Living Mall branches in high-potential locations in the future.
“The trend of the furniture market in the Asia Pacific region has shown continuous growth potential and this is the region that held 41 percent of the world’s furniture market share as of last year. As for Creaticity, the largest home furnishing destination in India, we carry more than 100 home decoration brands, sourced regionally, nationally and globally. The furniture market in India still has a lot of potential and growth because of the country’s population of more than 1.4 billion and the burgeoning middle class with good purchasing power. Also notable is the expansion of the working age group with an average age of 28 years with good education and work skills, as well as the increasing trend in the use of Internet. Most importantly, the distinctive purchasing behavior of these consumers is that they tend to prefer high-quality products that are suitably priced,” Dr. Mahesh added.
