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What are the challenges that this industry is facing? Any top 5 steps that could help meet these?
As an industry that relies on artisans and is powered by people - both in manufacturing and purchase, one of the greatest challenges is attracting and keeping interest.
Internally this is something that my father. NK Chaudhary who started Jaipur Rugs has spent a lot of time trying to understand and work on. We take the time to understand our people and work with them to make a happy place of work and this is what translates into the rugs we make as well. We feel that the happiness of our weavers is transported to the homes of our customers who purchase them.
In terms of keeping the markets interested, one of the most important steps for us is to focus on our core strengths. We are constantly experimenting with textures, moods, patterns and colours.
One of our greatest strengths as an Indian company competing internationally is our cultural roots. India's diversity and richness is something else to tap into when competing on a global platform.
Honestly there aren't any prescribed steps that I can offer to combat the challenges of our industry. It is important for each company to find its identity and stay true to that identity offering its artisan and customer base something unique.
Any innovations that Jaipur Rugs has introduced or is set to introduce? Details please.
A Jaipur Rugs' greatest innovation has been its business model that works directly with artisans. In 1978 my father started working directly with artisans building a network within the carpet industry free of middle men while giving weavers fair wages and socio economic support. Jaipur Rugs Foundation continues this work through work adult education, entrepreneurship development, skill development and skill upgradation.
How big is the market for rugs, poufs, pillows in the Indian market and internationally too?
The market for accessories like pillows, poufs and rugs is significant.
The Indian home decor market is growing rapidly. As international travelers, Indian home owners are global citizens with a wide range of demands and choices to suit them. On the hand other hand, international markets have seen a steady development in the past few years as well with some analysts predicting a $700 billion realization in just this year.
How has the demand for rugs, poufs, pillows been in the last 2 years? How is it expected to shape up this fiscal?
In spite of economic unpredictability the demand within the home decor market has been significant. The greatest changes we predict are in trends and thus purchases.
Which countries do you export to the most?
America continues to be our major market, accounting for over 70 per cent of our total exports.
What is your annual turnover? What has been the growth percentage?
The 2014-15 turnover is Rs 122 crores, and we have been growing at a rate of 36 per cent.
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