Andhra Pradesh Takes Center Stage in Magniflex India’s Expansion Plans with 28% Growth and New Product Launch
Vijayawada: Magniflex India, Europe’s leading mattress brand, is set to play a pivotal role in the burgeoning luxury market of Andhra Pradesh. The region, known for its affluence, has become a hotspot for premium brands, witnessing a surge in demand for high-quality sleep-related products post-COVID-19. Magniflex India, with its 62-year heritage and Italian roots, has achieved an impressive 28% growth in the state and anticipates an expansion of over 30% in the coming year.
Market Expansion and Strategy
Magniflex India’s Managing Director, Mr. Anand Nichani, highlighted the exceptional buoyancy of Vijayawada’s luxury market. He pointed out a noticeable shift in consumer preferences towards premium products with health benefits. In 2023, the company achieved a commendable 28% growth in Andhra Pradesh, with plans to expand into emerging areas like Rajahmundry, Nellore, and Tirupati by March 2024. Future targets include potential areas like Vizag, Vijayawada, and Nellore. The expansion strategy is in response to the growing interest in premium mattresses among the younger generation in the state.
New Product Launch – Ergo Tre Electric Bed
Magniflex India aims to strengthen its brand presence in the region with the launch of the Ergo Tre Electric Bed. This luxurious and functional product, controlled by a handheld remote, features ergonomic plates for tailored body support. Users can elevate their heads and feet, reducing pressure on the spine and addressing issues such as back pain, snoring, acid reflux, sleep apnea, varicose veins, and swollen feet.
Financial Investment for Comfort and Luxury
Recognizing the increasing interest in financial investments for comfort and luxury among the people of Andhra Pradesh, Magniflex India has introduced the Magniflex Investment Plan (MIP). The plan offers Equated Monthly Instalment (EMI) schemes starting at ₹3,535 per month across all its products, emphasizing the importance of investing in quality mattresses for better health.
Current Market Standing and Network
With a remarkable 40% year-on-year growth and annual revenue exceeding ₹21 Crore, Magniflex India currently boasts a network of six franchises in Bengaluru, one in Ahmedabad, and another in Gurugram. The company has an extensive dealership network, comprising around 89 stores across India.