09/12/2011

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Prime Comfort continues to invest and launches ‘Refresh'

The company, which became operational last year, has one foaming and conversion facility at Greater Noida, Dehli, with an annual capacity of 10,000 t of foam. It has already made an investment of INR 50 crore (~EUR 7.7 million) on the plant and expects to achieve a turnover of INR 450 crore (~EUR 69.6 million) in the next three years on the back of new products and increased capacity. The firm plans to fund the investment through debt and internal accruals. However, the company said it would look for an IPO or foreign collaborations after two years when its business has stabilised. "In the next three years, our total investment will be around INR 100 - 200 crore (EUR 15.5 - 31 million). This will go into our capacity expansion, product development and other marketing initiatives,” stated Prime Comfort's Managing Director Praduman Patel. Patel is well advanced with plans to establish two more plants across the country in the next three years. While one of them will be set up in Gujarat and is expected to be operational by 2012, the company is planning to build another facility in South India - most probably near Hyderabad. According to the firm, the Indian mattress market is estimated to be valued at approximately INR 5,000 - 6,000 crore (~EUR 773 - 928 million) and is dominated by brands like Sleepwell and Kurl-On. In keeping with its growth momentum, the company has announced the launch of a unique range of mattresses and pillows, under the Refresh brand name. This consumer brand adds a new dimension to bedding systems in India by introducing new product innovations for the first time to the country. The product range has been launched initially in the Chandigarh and Punjab markets. "At present our focus is on building the brand and enhancing the distribution. We want our products to be available in around 3,000 outlets in the next three years. At present, we have around 1,000 dealers,” Patel said. According to the company, using the unique combination of rebonded and virgin memory foam, the new mattresses take the shape of the body to provide comfort and support. The Refresh brand of mattresses and pillows will initially be available in North India and is likely to become an All India brand over the next two years. At present, the brand has over 25 distributors and over 1,000 authorised dealers from where products will be available. In another first that is likely to revolutionise the spring mattress market in India, Prime Comfort has also launched a three-zone spring mattress. This provides a combination of varying firmness allowing the mattress to compress according to the requirements of body contours. The company expects to close the current financial year in April 2012, with a turnover of INR 80 crore (~EUR 12.4 million).

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