~Strengthens brand footprint with the launch of the Ergo Tre Electric Bed & Magniflex Investment Plan (MIP)~
Chennai, December 14, 2023: Magniflex India (Made in Italy), Europe’s no 1 mattress brand with a rich 60-year legacy and origin in Italy, is poised for substantial growth in the dynamic state of Tamil Nadu. The real estate market in Chennai has witnessed sales of over 16k home units within the first nine months of 2023, with luxury units comprising 20% of this total. According to data from ANAROCK Research, luxury housing sales in Chennai surged by an impressive 143%, leading to increased demand for premium home décor, bath fittings, imported furniture, and fine linens. Notably, the upscale mattress industry, exemplified by Italian brand Magniflex India, has seen a remarkable annual YoY growth of 40% with its annual revenue exceeding ₹21 Cr. To further strengthen its footprint, Magniflex India launches the Ergo Tre Electric Bed and introduces Magniflex Investment Plan (MIP) for customers across India.
Commenting on Chennai’s market growth, Mr. Anand Nichani, Managing Director of Magniflex India said, “Chennai being the hub of commerce has proven to be a dynamic market, with remarkable sales spike that highlight its endless growth potential. With a robust network of 12 dealers spread across Tamil Nadu, our triumphant presence in Chennai extends across key locales like Nungambakkam, Alwarpet, and T-Nagar. Looking ahead to January 2024, we envision further strengthening our imprint with an Exclusive Brand Dealer and franchise in the vibrant landscape of Chennai, actively exploring locations in East Coast Road. We witness a lot of interest from dealers in Tiruppur and Coimbatore, and we have big plans for these two cities. We continue our strategic expansion plan and unwavering commitment to meeting the growing needs of our discerning clientele.”
Tamil Nadu, a traditionally conservative market with a preference for gold and lavish home constructions, has witnessed a notable shift in consumer behaviour post the pandemic. Despite the state’s $300 billion GSDP, the second-highest in India, there is now an inclination towards investing in opulent lifestyle and wellness choices. This shift is evident in the increased interest in premium health products, particularly seen in the thriving high-end mattress segment. Magniflex India, recognized for luxurious mattresses, is strategically expanding in Chennai to meet this rising demand from high-income individuals, successful entrepreneurs, and professionals seeking premium living experiences. The evolving awareness of health and wellness products signals the significant potential for businesses to tap into this changing market dynamic in Tamil Nadu.
Today, consumers prioritize health in their purchasing decisions. Magniflex India has launched the Ergo Tre Electric Bed, a luxurious and health-focused product. Operated by a remote control, this bed features ergonomic plates for tailored body support, allowing users to elevate their head and feet, reducing spine pressure and addressing issues like back pain, snoring, acid reflux, and sleep apnea.
To cater to the growing demand for these mattresses in the state and to promote the importance of investing in a quality mattress for better health, Magniflex India has introduced Magniflex Investment Plan (MIP) that provides EMI’s schemes across all its products starting as low as Rs 3535 per month.
Country-wide, Magniflex operates through six franchises, with four in Bengaluru, one in Ahmedabad, one in Gurgaon, and a network of approximately 89 dealers.