Singer to partner with US furniture maker

The Singer Group is eyeing partnerships with local and foreign firms to grow their furniture business exponentially with a wider selection available to customers in a larger range of showrooms, officials say.

"For starters we want to partner with Domus Vita, an American furniture manufacturer with new models and designs," an official told the Business Times noting they'll be importing some furniture from this company. Singer wants to accelerate the renovation and expansion of existing shops to increase the retail space to cater for our additional products and brands in particular furniture, he added.

He also said that Singer is the market leader in most of their products such as refrigerators, and any other white goods. "We aren't leaders in the furniture segment. So this is an area which we see growth potential in," he explained.

Singer also aims to grow e- commerce business and to supplement the retail business. They also aim to strengthen and enlarge their manufacturing operations with new factories, additional machinery and more advanced technology.

The accounting year of the group is now changed to end in 31st March, in line with the accounting period of Hayleys PLC Group. The 15-month period saw group revenue at Rs. 65.1 million compared to Rs. 46.9 billion for 12 months ended December 2016.