Kurl-on acquires US firm Spring Air for USD 10 Million
Published Date | 2019 April 22
The acquisition covers operations across India, Bangladesh, Sri Lanka and Pakistan will strengthen Kurl-on's presence in the premium bedding segment which is expected to fuel the mattress market.
India: Leading mattress maker Kurl-on has acquired US-based luxury mattress brand Spring Air for Rs 70 crore. The acquisition will enable Kurl-on to cross the Rs 2000-crore revenue mark in the next two years. The acquisition will strengthen Kurl-on’s presence in the premium bedding segment, besides enabling us to penetrate the fast-growing demand in the hospitality sector. With this acquisition, Spring Air and Englader brand of mattresses will now be under the Kurl-on umbrella. Under the terms of the sale agreement, Spring Air will continue to manufacture its bedding products from its two manufacturing centres, complementing Kurl-on’s existing ten manufacturing facilities. According to BlueWeave Consulting, the mattress market is evolving with its rising demand from customers for home furnishing. The market has been witnessing strong growth, owing to the factors like growing disposable income, increasing population and rising migration from rural to urban areas. The customers have more disposable income than before and thus they demand for comfort and luxury. The growth in mattress market is largely led by the domestic due to infrastructural development in terms of increased number of residential units and inflating number of hotels in the country. Rising housing demand has been increasing the sales of mattresses in the residential market all over the country. Whereas institutional demand is thriving owing to an increase in construction, real estate, and tourism & hospitality sector that requires hundreds of beds and mattresses. Hence, both residential and institutional demand is growing in India with the rising awareness regarding mattress types and brands. The growing disposable income coupled with various government policies related to real estate has resulted in rise in home ownership rate, which in turn is supporting mattress market growth. Consumers interest in healthy sleep habits have been increasing lately, exploding the demand for comfy mattresses. Moreover, the growing technology intensive mattress offerings that is light-weight and designed for specific body types, keeping the health-related issues in mind, is projected to boost the market in next few years. According to recent published report by BlueWeave Consulting on “Global Mattress Market by Product Type (Memory Foam, Innerspring, Latex & Other Mattresses), by Size (Twin or Single, Twin XL, Full or Double, Queen, King & Other sizes), by Channel (Online & Offline), by Application (Residential, Commercial & Industrial), by Region (North America, Europe, Asia Pacific, Middle East & Africa & Latin America); Size and Forecast, 2018-2024,” The market is expected to reach around USD 50,000 Million by 2024. The market study reveals that the global mattress market is expected to grow over a CAGR of 7% during 2018-2025 in terms of value & over a CAGR of 4% in terms of volume. Increasing disposable income of people around the globe has improved their standard of living, which creates a demand for comfort and convenience. Thus, there is a demand for luxury furnishing, including mattresses. The rising investment on real estate construction in developing countries like India, to cater to the resultant urbanization and growing residential demand, drives the market of home furnishing. The trend towards the demand of smart mattress further owes to the growth of the mattress market. Modern lifestyle has squeezed the time that can be utilized for a good night sleep. As a result of this many companies have come up with product innovations, including smart mattress that incorporates sensors to provide information about the quality of sleep, to keep a track on sleep patterns and in some cases, actively improve the sleep, as well._text