ant growth in recent years, driven by rising disposable incomes, changing consumer preferences, increasing urbanisation, and growing awareness of quality and comfort in bedding products. Additionally, the growing number of well-travelled individuals seeking a luxury experience is a favourable factor. Market research reports indicate that the luxury bedding market in India was valued at approximately US$510 million in 2020 and is projected to reach US$820 million by 2025, with a compound annual growth rate (CAGR) of around 9 per cent during the forecast period. Ludovic Létrillart, regional director of IMEA (India, Middle East, Africa) at Hästens Beds, noted that Indian consumers are primed to receive the brand’s key selling point: “People are ready to invest for the right value proposition; craftsmanship, comfort, well-being, and good health are priceless. Proper education about the importance of good sleep and its requirements is the first step in dispelling many misconceptions.” While the global Covid-19 pandemic decimated several markets, it was also a hidden blessing for certain segments of the home furnishing sector, as people spent more time indoors and invested more in their interiors. Households in India, like many countries around the world, have also undergone significant transformation. During this time, the ever-evolving space of hospitality and home furnishing saw emerging trends and changing consumer preferences, and the segment that traditionally held the majority share, is now on the decline. Hästens in India To commemorate its 170th anniversary, Hästens recently launched its ‘Dreamer’ bed in India. Designed by renowned interior designer Ferris Rafauli, the bed is meticulously hand-built by craftsmen in Köping, Sweden. It features a unique woven fabric upholstered with the brand’s iconic horse insignia. The launch marks a significant step in Hästens’ larger plans for India. While Hästens entered the Indian market in 2011, its growth has been relatively slow. Létrillart stated that Hästens considers India to be “a new priority market for business expansion. If we think globally, we must act locally to make this happen.” As a family-owned Swedish bed manufacturer, Hästens has long been synonymous with luxurious sleep experiences in the European market. But now, a growing number of Indian consumers are seeking luxurious and comfortable bedding products that offer an exceptional sleeping experience. And they are willing to invest in premium-quality materials, sophisticated designs, and innovative features such as temperature regulation, hypoallergenic properties, and moisture-wicking capabilities. The luxury bedding market in India is highly competitive, with both domestic and international brands vying for market share. Notable domestic brands include Bombay Dyeing, Portico New York, Swayam, Maspar, and D’Decor. International brands such as DKNY, Ralph Lauren, Tommy Hilfiger, and Calvin Klein also have a presence in the market, and Hästens is no exception. The target customers for luxury bedding brands tend to be urban dwellers with higher disposable incomes, including upper-middle-class individuals, high net-worth individuals, young professionals, and affluent households who prioritise quality, style, and comfort in their choices. Hästens is in the process of establishing a dedicated legal entity called Hästens India Private Limited in the coming months, which will handle all its operations in this part of the world, from support services to end-customer services. “Hästens believes that the luxury bedding market in India will develop rapidly and exceed our expectations from three years ago. Expanding Hästens’ retail footprint through experience centres and sleep spas is crucial to cater to this potential and provide convenient testing experiences to various communities,” Létrillart expressed. Referrals and word-of-mouth have been Hästens’ strong points thus far, with purchasers becoming brand advocates. “Facilitating mass promotion and communication quickly is crucial to tap into pan-India demand and capitalise on the fast-growing potential. Hästens has already begun accelerating this momentum, and many new stores are in the pipeline to be closer to customers in all categories,” Létrillart added. While the luxury bedding market in the country presents promising opportunities, it also poses challenges. These include price sensitivity among a large consumer segment, intense competition, the need for effective marketing strategies to create brand awareness, and the presence of counterfeit or low-quality products in the market. For instance, Hästens’ beds carry a price tag of four million INR (US$48,000), making it a distant dream for most of the population in India. Even the price tag for its entry-level bed is set at half a million INR (US$6,100). Nevertheless, Hästens remains optimistic about finding a middle ground to cater to Indianconsumers’ aspirations.