Responsive Industries to add 300 cr in revenue from its newly launched Luxury Vinyl Tiles
Responsive Industries, a leading global vinyl flooring player, has launched Luxury Vinyl Tiles under the brand ‘Impact’, which has already garnered Rs. 50 crores worth of business during the current financial year and is expected to grow to Rs. 300 crores worth of business within the next three years. Impact is geared to be a disruptive force in the Indian Luxury Vinyl Tile (LVT) segment. Responsive Industries has pioneered the use of drop-click technology in Impact tiles, something yet unknown in the Indian LVT market, thus giving Responsive the first mover advantage. The LVT segment is the fastest growing flooring category in India and abroad. It is 100% waterproof, a feature that is absent in wooden flooring. Its interlock (drop click) system is German patented. Responsive Industries is currently the only manufacturer of LVT in India and a few small players are currently importing and selling within the country. Impact is expected to grow beyond the LVT market in India with a primary focus on the B2C market. Responsive, which has transitioned to high margin products, aims to setup offline and online retail distribution for residential market within the next 3 years and is currently working on doing so for the India market. LVT flooring is typically available in only wood and stone looks globally. However, Responsive Industries has pioneered four ranges namely wood, carpet, stone and marble LVT’s for the Indian and global markets. LVT has global share of 52% and an Indian share of 11% in total flooring sales. Some of the major factors driving the demand for vinyl flooring are its numerous advantages, which include easy installation and maintenance, cost-effectiveness, moisture-resistance, etc. Additionally, technological advancements in the manufacturing process have led to a massive improvements in the vinyl flooring market in terms of performance, installation and design. Furthermore, due to rising per capita incomes and standards of living, consumers are seeking stylish and innovative flooring options which, in turn, has boosted the demand for vinyl flooring products. In its recent research report IMARC, a leading market research company and a provider of market and business research intelligence across the globe; states that the global vinyl flooring market is projected to reach a sales volume of 1,441 Million Sq. Meters by 2024. In value terms, this translates to of US$ 66.8 Billion by the year 2024, growing at a CAGR of 10.1% during 2019-2024. Similarly, the vinyl flooring market in India is expected to reach a volume of 52.0 Million Sq. Metres by 2024, exhibiting a CAGR of 4.3% during 2019-2024. In value terms, the market is expected to reach US$ 1,361.4 Million by 2024, growing at a CAGR of 8.9% during 2019-2024. Mr. Rishabh Agarwal, Chairman of Responsive Industries, has commented on this development by saying that, "We are progressing well in our strategy to move into the value chain of vinyl flooring products and have added, to our basket, more and more value added and branded products over the last year. In our endeavor to introduce branded products we have launched ‘Impact’ premium vinyl tiles, a replacement for wooden flooring and vitrified tiles at a 50% cheaper cost and with the added benefit of being easy to install in houses, offices and commercial complexes. Impact is a do it yourself product which gives it a major advantage in international markets.” Mr Agarwal added, “In our other major product segment, Vinyl flooring, we are predominantly focusing on institutional business both in India and abroad and growth is expected from strong sectors like healthcare, hospitality, transportation, retail, sports infrastructure and real estate."
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