Sheela Foam sees 14-15 per cent CAGR growth in next 3-5 years, says CEO Nilesh

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Sheela Foam sees 14-15 per cent CAGR growth in next 3-5 years, says CEO Nilesh

Monday, 10 June 2024 | PTI | New Delhi

Sheela Foam sees 14-15 per cent CAGR growth in next 3-5 years, says CEO Nilesh

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.

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.

“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.

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 brands together, the company has around Rs 3,000 crore in revenue from operations.

Sheela Foam completed the transaction to acquire Kurlon last October and the process of integration is currently going on, which may take a couple of quarters to complete.

According to Mazumdar, both brands will have “independent” operations and identity.

“Kurlon is an independent brand. Sleepwell is also an independent brand in the consumer’s mind and we will keep both of them completely independent of each other, as far as the consumer mind space is concerned,” he said.

Over the rebranding of Kurlon, Mazumdar said the endeavour is to make it more “modern and contemporary”. This will be backed by a new television campaign, he added.

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