Hafele Eyes Indian Market Domination by 2030

German furniture fittings and kitchen appliances company Hafele plans to increase local sourcing in India to 50% in four years and aims for India to become its top market by 2030. With strengthening middle-class spending and government support, the company anticipates significant growth opportunities.

Hafele, a German-based company known for furniture fittings and kitchen appliances, is set to deepen its foothold in India by substantially increasing local sourcing. Frank Schloeder, the Managing Director for South Asia, revealed the company's ambitious target to elevate local sourcing to 50% within four years, aiming for India to lead Hafele's global market by 2030.

Capitalizing on the burgeoning middle class eager for customized home solutions like modular kitchens, Hafele is also exploring opportunities in tier II and III urban markets. These areas are witnessing a shift towards premium home interiors. Schloeder emphasized that with supportive government policies and new regulations from the Bureau of Indian Standards (BIS), India is well-poised to build a robust supply chain maintaining the famed German quality.

Hafele currently imports a large chunk of its supply. However, with BIS certifications now mandatory, the move towards local manufacturing is gaining momentum. In operation in India for two decades now, Hafele has doubled its revenue in the last five years, attributable to its expansive network of dealers and its commitment to growing its B2C presence across the nation.

(With inputs from agencies.)