Sheela Foam sees 14-15 pc CAGR growth in next 3-5 yrs: CEO Nilesh Mazumdar
Sheela Foam, which owns two leading mattress brands — Sleepwell and Kurlon — expects a double-digit CAGR growth of 14 to 15 per cent in short to mid-term, its CEO Nilesh Mazumdar has said. Sheela Foam, which acquired the Kurlon brand last year, has rebranded it with a new logo and tagline, as it expects to scale up the Karnataka-based company's business beyond Rs 1,000 crore.
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Currently, the Indian mattress market is estimated to be around Rs 15,000 crore. Though the market is still dominated by local players, in the last 4-5 years, branded players are getting good traction and a shift is happening towards them in key cities.
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Offering CollegeCourseWebsiteIIM LucknowChief Executive Officer ProgrammeVisitIndian School of BusinessISB Leadership in AIVisitIndian School of BusinessISB Chief Technology OfficerVisit«When we look at the organised sector, both the brands put together, we have about 29-30 per cent market share. In mattress, Sleepwell has around 18 per cent market share and Kurlon has 11 per cent,» Mazumdar told PTI.
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Both the brands put together, are distinctly ahead of their rivals and would focus on gaining market share further with innovations.
When asked about the company's growth outlook, Mazumdar said: «We have a 3-5 year outlook. We are looking at about 14-15 per cent compound annual growth rate (CAGR) growth.»
Though he did not share a brand-specific turnover, he said putting both
