Out of Rs 10k-cr mattress industry, more than 60% is still unorganised

Centuary Mattress, Hyderabad-based mattress brand, has constantly innovated and established itself as a front-runner in the mattress space while exponentially expanding its product range and geographical footprint. It is the first ISO-certified mattress brand in India and the largest exporter of mattresses and mattress components from the country. Today, the brand offers a comprehensive range of sleep solutions such as spring mattresses, foam mattresses, coir mattresses, memory foam mattresses and orthopaedic mattresses. In an exclusive interview with Bizz Buzz, Uttam Malani, Executive Director at Centuary Mattress, shares the company’s expansion plans and market strategy for the coming three years

How Centuary was established as the most-popular mattress brand?

Over three decades ago, my grandfather Late Bhagwandas Malani and my father Purshottam Malani started as Centuary Fibre Plates Ltd, an OEM of rubberised coir for a then-popular mattress brand. With their efforts, our own mattress brand Centuary, lifted off the ground and became a household name in India. With its roots in Hyderabad, it has made an indelible mark across 18 States in the country. Today, the brand offers a comprehensive range of sleep solutions such as spring mattresses, foam mattresses, coir mattresses, memory foam mattresses, orthopedic mattresses, and accessories such as pillows, cushions, bolsters, mattress protectors, slim mats and more. I am the third generation entrepreneur in making this brand one of the pioneers in the comfort and bedding industry in India.

What is the current market share of the company? What is the target ahead?

The overall mattress industry in the country is about Rs 10,000 crore and more than 60 per cent of the industry is still unorganised. Out of the Rs 4,000 crore organised market, Centuary Mattress has around 10 per cent market share at present and we are planning to double the market share at 20 per cent over the next three years. This will make the brand achieve market leadership position. While the North Indian market has more unorganised players, southern and eastern parts of the country dominate the branded mattress industry with almost 50 per cent share. Centuary Mattresses has established a strong presence across 18 States in the country with close to 5,000 dealers and 500 exclusive brand stores. We have plans to open 500 more exclusive showrooms in the next three years.

With these, the total number of exclusive outlets will reach up to 1,000 by 2026. In Telangana, we have about 100 exclusive brand stores and we will be adding another 100 stores in the State by the end of this year. Though 90 per cent of our business comes from the domestic market, our brand is the largest exporter of mattresses and mattress components from the country. We export our products to almost nine countries across the globe. For the past 30 years, the company has been growing at 18 per cent year-on-year (y-o-y). Post-Covid, the demand for our products has increased tremendously. We have witnessed 30 per cent y-o-y growth during the last three years. This year, we are expecting 35 per cent growth in revenue.

How many brands do you have as of now? Let us know about the company’s online presence.

Centuary Mattresses, a part of the Shree Malani Group, is the first ISO-certified mattress brand in India. Another group company – Shree Malani Foams (P) Ltd was started in 2008. It manufactures and sells slab stock polyurethane (PU) foam under the brand Cenflex for B2B (business-to-business) clients. This brand is also promoted by the house of Centuary brand of mattresses. Its technical and industrial foams are supplied to various consumers and converters whereas its furniture and mattress grade foams are widely distributed through an extensive retail channel. Cenflex’s product range encompasses special foams like memory foam, flame retardant foam, lamination grade foam and high resilience foam.

We have recently launched ‘Sleepables by Centuary’ Pocketed Spring Roll-Pack Mattresses In-A-Box, a first of its kind technologically superior spring mattress designed with independent pocketed springs available exclusively for online channels. Apart from this, understanding the needs of a growing baby’s body are different from adults, we brought a special baby mattress collection under ‘BeddyByCentuary’. We are one of the earliest adopters of e-commerce since 2015. The brand has a strong online presence across its own website, Amazon, Flipkart, Pepperfry, and it also has an offline partnership with a large Swedish retail giant.

How much the company is spending on R&D and new technologies?

Centuary Mattresses is spending 10 per cent of the revenues on R&D and innovation. It has secured the CertiPUR-US certification for developing high-quality products and complying with the global agency CertiPUR-US’s quality standards and environmental norms. The company has become one of the few Indian brands to get the CertiPUR-US certification.

Shree Malani Foams is also one of the largest exporters of Mattresses and is recognized as a Star Export House by the Ministry of commerce and industry. The company has pioneered many innovative technologies in the country such as Copper Gel; Micro Springs; and more recently Centuary Protect – an anti-microbial shield on all its mattresses (which is recommended by the National Health Academy).

In the post-Covid era, the brand repurposed all its products with anti-microbial shields to ensure good health and hygiene of its customers. On the back of its innovative value proposition, the brand has been nominated as an exclusive supplier for the entire South Asia to a leading global furniture retail chain and has received international recognition for its cutting-edge production facilities and technologies.

The brand’s consistent growth over the decades can be ascribed to its top-of-the-line equipment, a highly stable top management team, and an unending passion and drive for continuous improvement – the unmatched USPs of the forward-looking brand. The company continues to excel by adopting new technologies and working styles while retaining its founding principles and culture.

How many manufacturing units are operational? What is the current capacity utilisation? Are there any plans to raise funds for expansion?

Centuary Mattresses is a self-funded brand till date. It has three manufacturing plants located in Hyderabad and one in Bhubaneshwar, Odisha. Shree Malani Foams has two manufacturing plants – one each in Hyderabad and Bhubaneshwar. Currently, we are utilising 80 per cent of the capacity. We are investing Rs 25-50 crore on enhancing the capacity 20 per cent every year.

We are planning to expand the manufacturing capabilities to the east. So far, the investments were from the internal accruals and we have no plans to raise funds. We operate sales depots in Pune, Bengaluru, Ahmedabad, Coimbatore, Vizag, Vijayawada and Kurnool. Its sales offices are located across South, East, and West India facilitating sales primarily through its extensive network of dealers and distributors. We are looking forward to consolidating the market share in existing geographies, expanding the company’s geographical presence in metro cities, and adding its allied products line. We are operating with a team of 1,200 employees. We will also continue to empower individuals by offering growth-oriented working culture.

How do you choose the company’s brand ambassadors?

Earlier, Centuary Mattresses had ace tennis player Sania Mirza as its brand ambassador. Now, we have onboarded the acclaimed badminton sensation PV Sindhu as its brand ambassador. The partnership marks the union of two champions of Hyderabad – one renowned for her prowess on the badminton court and the other for its specialisation in sleep and comfort.