Therapedic International to enter India market
David Perry -- Furniture Today, August 16, 2013
New Therapedic India licensees Milind Pandit, left, and Syed Emtiaz Ahmed, second from right, meet with Therapedic executives Gerry Borreggine and Norman Rosenblatt.}
PRINCETON, N.J. — Top 10 bedding producer Therapedic International will enter the fast-growing consumer market in India through a licensing agreement with a group of bedding executives there.
The executives - Syed Emtiaz Ahmed, Gowhar Jahan Emtiaz and their son, Syed Muddaiser Ahmed - will begin mattress manufacturing within the next few months and will be known as Therapedic Bedding India Pvt. Ltd. The executives have a decade of experience in the mattress industry as distributors of U.S.-based mattress brands.
"We chose Therapedic International because of the people behind the brand. We feel their senior team of executives are among the leading innovators in the category and have a very good reputation for working with and supporting their licensees," said Syed Emtiaz Ahmed.
Syed Muddaiser Ahmed noted that while U.S. brands and products are held in high esteem by India's burgeoning middle class, almost 80% of the domestic mattress market is driven by custom sizes.
"Much of the furniture is custom made, so you buy as big a bedroom set as your room will accommodate, and then you go to a mattress shop where they make something to your specific dimensions," he added. "Local mattresses are mainly cotton, coir, and foam, stuffed into a cover. But we see a real opportunity to offer American innovation, technology and quality to quickly become the leader in our market."
The new company plans to invest around $4 million in the first year to establish a state-of-the-art manufacturing facility at Bangalore, followed by similar investments in the next few years as it expands its retail infrastructure in India, officials said.
Milind Pandit, who will serve as CEO of Therapedic Bedding India Pvt. Ltd., said the company believes that consumers will opt for bedding products that provide the latest technological advantages for a more comfortable sleep experience.
"We are thrilled to have the father-son team of Syed Emtiaz Ahmed and Syed Muddaiser Ahmed along with Milind Pandit as our licensee in one of the most important regions in the world," said Therapedic International President and CEO Gerry Borreggine. "With over 27 years in running home furnishings and other businesses, their knowledge and experience is exactly the kind of strong local leadership that is indicative of the success we have seen in other international markets. They are great partners who understand the importance of quality, service and value that is important to any sleep products consumer anywhere in the world."
Therapedic currently has licensees on six continents, in countries including: Canada, Mexico, Guatemala, Trinidad, Jamaica, Ireland, Korea, Malaysia, United Arab Emirates, Indonesia, Jordan, Egypt, Turkey, Morocco, New Zealand, Australia and China.
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