Luxury Carpet Brand Obeetee Eyes Rs 1,000 Crore Turnover In FY24

Luxury carpet brand, Obeetee, is eyeing a turnover of Rs 1,000 crore in FY24 as it continues to focus on the international markets while stepping up the domestic business.

The company is looking to close FY23 with a turnover of Rs 800 crore. Rudra Chatterjee, chairman, Obeetee, said, “We project that most of the topline growth would come from international business with existing B2B customers in FY24 while we aspire that sales in the domestic market touch Rs 100 crore in two years.”

The domestic market is relatively new for Obeetee. “We set foot in the domestic market about three years back, but we see significant potential. The home goods market in India is opening up with global companies eyeing the space. We are seeing formalisation of the home sector,” said Chatterjee.

While Obeetee operates at the high-end, Chatterjee believes that there will be opportunities for players across the segments.

In sync with the prospects, Obeetee is pushing the pedal on its retail presence. It just opened a design studio in Kolkata; the larger stores – about 5,000 sq feet – are in New Delhi, Mumbai and Hyderabad.

Angelique Dhama, chief executive officer, Obeetee Retail, said, the new studio in Kolkata is a slightly different concept, showcasing hand-knotted and luxurious carpets in a colonial themed studio-store.

Obeetee is associated with designers like J J Valaya, Tarun Tahiliani, Anita Dalmia among others for creating unique collections under its ‘Proud to be India’ theme.

Over the next one year, Obeetee is looking to set up at least three stores in the domestic market; online sales are also significant at about 18 per cent.

But the mainstay for Obeetee, will be the international markets. “While the US is a major market, Europe is also a significant market. We supply to major global retailers,” Chatterjee said. Incidentally, the first Obeetee store was set up in New York.

Founded in 1920, Obeetee was acquired by the Luxmi group in 1998. The group also has a major exposure in tea and owns the iconic Makabari estate.