Strategically expanding its global presence through the JV model driven by its technology platform
Riyadh, KSA –25th October 2021: Livspace, India and South East Asia’s largest omni-channel home interior and renovation platform today announced expansion into the Middle East in a strategic JV with the Alsulaiman Group (ASG), Ikea’s operating partner in the region. With its maiden joint venture built on top of the home improvement industry’s only technology platform, digital supply chain and most trusted managed-marketplace, Livspace will aim to capitalize on the vast opportunities in home interiors and renovation segment in the MENA region starting with KSA.
With its award-winning industry-first and only technology platform, Livspace brings homeowners, design professionals, vendors and brands together on a single managed marketplace. The company’s global experience, combined with the strong legacy of AlSulaiman Group, will aid the brand in delivering world-class home interior and renovation solutions across the Middle East. ASG is expanding its range of products and services through investing and partnering in innovative companies and startups that bring unique concepts to the region.
Saudi Arabia’s Vision 2030 initiatives are sparking growth in home ownership and a wider array of residential formats – villas to high-rise apartment living in addition to the speeding up of the digital transformation – which underlines the need for quality home interior design and execution. Both Livspace and ASG have invested about $50 million to fuel regional growth and become market leaders in the segment across multiple markets in MENA. The JV further plans on strengthening the team by investing in top talent across levels while also aiming to onboard over a thousand design and home improvement professionals partners in the region by 2022. The JV will aim to bring trusted home interiors and renovation solutions to homeowners, enable thousands of small and fragmented design and home improvement professionals to grow their business, and create the largest, most organized digital supply chain for the home interiors and renovation industry in the region.
Anuj Srivastava, CEO & Co-Founder, Livspace said: “We are thrilled to expand our operations in the Middle East with a strategic partnership of the caliber of Alsulaiman Group. As consumers move towards organized and trusted digital brands – sellers, suppliers, vendors and brands adopt digital platforms. Livspace will rapidly continue to scale its business model across multiple regions and new markets across the globe starting with the APAC geography. Given our technology prowess, deep understanding of the supply fundamentals and the ready launch and scale template, we today dominate the market in the high growth India and Singapore markets. Our platform enables us to explore JV models to quickly expand our services in both new and existing markets. We are excited about our partnership with a trusted partner like ASG to provide customers with an enhanced yet standardized experience through our proprietary technology platform which brings together trusted design partners and home improvement professionals, streamlining the home renovation process.”
Livspace delivers end-to-end creative designs, quality execution of interior design, renovation, and supply of materials, and fit out elements for bedrooms, living rooms, bathrooms and kitchens. In addition to delivering top-notch modular interior solutions, Livspace is also focusing on new mobile applications, AI, ML retail technology and visualization solutions for the home improvement industry. Through its partnership with Livspace, AlSulaiman’s customers in the region will have access to home design ideas in designated studios and on the tip of their fingers through an online technology platform, combined with execution matched with a built-in ecommerce concept for materials and furniture elements.
Saud Alsulaiman, Alsulaiman Group CEO said: “This partnership with Livspace will allow us to expand the scope of the customer experience from the beginning of the design of the home to the end of implementation, in an innovative and unique experience to turn the dreams of homeowners into reality. The companies of Alsulaiman Group – IKEA, Flow, Ehteraf, Salasa and other emerging investments – will continue to grow as an integrated ecosystem to enhance customers’ lives through better experiences whether they access to our products online or through stores.”
The Livspace name is synonymous with market leadership, trust, quality and reliability, and the company has established itself as the most sought-after residential interiors companies in India and South East Asia. Livspace is looking to expand across 80 new cities globally starting with the APAC geography over the next 18-24 months.
Over the past four decades, Alsulaiman Group has been active in managing business cover three segments Omni-channel Retail, Services, and Retail Real-estate including IKEA Saudi Arabia and Bahrain, Flow Progressive Logistics, Ehteraf real estate development, in addition to a major investment in Salasa ecommerce fulfillment company.
Livspace is India and Southeast Asia’s largest, most trusted and fastest-growing omni-channel home interiors and renovation platform. Livspace uses its proprietary technology to provide a one-stop renovation solution for homeowners—from design to managed last mile fulfillment for all rooms in a home. The platform has organized a fragmented industry, bringing together designers, brands, manufacturers and contractors to enable an eCommerce-like trusted and predictable experience. Livspace currently serves Singapore as well as 21 cities across India. Livspace has showcased phenomenal growth since its launch, having delivered over 120,000 rooms and selling over 8.5 million SKUs through its platform. The company has raised over USD 200 Mn in capital from some of the top global investors including TPG Growth, Goldman Sachs, Ingka Ventures (IKEA), Kharis Capital, Venturi Partners, Bessemer Venture Partners, Jungle Ventures, Helion Ventures and UC-RNT.
For more information, please visit: https://livspace.com/sa
About Alsulaiman Group:
Alsulaiman Group is owned by the Alsulaiman family and was established by H.E. Dr. Ghassan Ahmed Alsulaiman in 1983 in Jeddah, Saudi Arabia. Alsulaiman Group is an active retailer and retail-related services group that is represented by 6 companies serving Saudi Arabia and GCC countries. With an average of 4000 employees in the year of FY21. Its business activities cover three segments Omni-channel Retail, Services, and Retail Real-estate. The Omni-channel Retail segment has two business models “Brand Concepts” and “Platforms & Market Places”. The services segment is driven by the continued growth in e-commerce making “Ecommerce Fulfilment”, “Last-Mile Delivery” and “Home Services” enormously important. The retail Real-estate segment is focused to support the development and expansion of the retail segment.
For more information, please visit : www.alsulaimangroup.com