Brands
Pepperfry reveals 2023 trends with launch of its ‘Home Beat’ Report
Mumbai: Pepperfry, the e-commerce platform for Furniture and Home Goods, has unveiled a compelling narrative in its Home Beat Report 2023. Based on all transactions made on the platform from January 1 to December 11, 2023, the Pepperfry Home Beat Report 2023 provides interesting insights into consumer trends as well as the home goods purchasing habits of Indians from different states and cities of the country.
According to the report, Maharashtra led the demand surge for Furniture and Home Goods among Indian states in 2023. The other states that feature among the top five for buying Furniture and Home Goods in 2023 were Karnataka, Tamil Nadu, Uttar Pradesh, and Delhi.
In 2023, India witnessed a notable shift in home shopping patterns, revealing a surge in demand for personalized home decor and furnishings. Pepperfry’s comprehensive analysis highlighted this trend, indicating a growing consumer inclination towards enhancing their living spaces. Projections indicate Tier 1 and Tier 2 markets as pivotal growth drivers in the forthcoming 3-5 years, propelled by evolving consumer behaviour and economic advancements. The rapid rise of organized retail in the Furniture and Home Goods sectors underscores the significance of an Omni Channel strategy, pivotal in instilling consumer trust. With an increasing focus on home aesthetics, the Home Goods category is poised for remarkable expansion, fuelled by consumers’ desires to tailor their homes to reflect their personalities.
Pepperfry chief executive officer Ashish Shah said, “Pepperfry’s Home Beat Report 2023 illuminates the evolving landscape of Furniture and Home Goods consumption, providing a comprehensive overview of consumer preferences in a country as diverse as India. It gives a fascinating insight into the lifestyle of each region and their home décor priorities. The report highlights how consumption patterns and preferences change from one region to another and how India is decorating their Homes.”
Pepperfry chief category officer Kushal Budhia added, “We are excited to share significant insights gleaned from our customers over the past year. Whether in a bustling Metro city or a Tier-II location, the Indian buyer is making a distinct mark. The diversity in their purchases is truly heartening, ranging from sofas to shoe racks, wall art to dhurries, and home fragrances. As we step into 2024, it will be fascinating to observe the trajectory of these trends.”
The products that were high in demand in 2023 from among Pepperfry’s more than 50 Furniture categories and more than 120 Home Goods categories were sofas, beds, study tables, office furniture, centre tables, bed sheets, cushions and covers, bath linen, mattresses, and lamps. The diverse range of high-quality products offered by the brand also witnesses impressive sales frequency. Brisk sales of specific products take place every 10, 15, 30 minutes, and hourly intervals, catering to the diverse needs of valued customers.
When it comes to pan-India appeal, there was a high demand for 2-seater sofas, Queen Beds, Queen-size bedsheets, and office chairs across India. Remarkably, among sofa categories, sofa-cum-beds emerged as the most sought-after product, with a substantial number of purchases recorded in Mumbai, a place where space is precious to come by. Mumbai, ranking third among the top five cities to witness substantial traction in furniture and Home Goods purchases, is leading in several categories.
Pepperfry, in its 12 years, has gone on to become the largest marketplace in e-commerce Furniture and Home Goods. It is consistently living up to its commitment to excellence and relentless pursuit of making every house a warm and inviting home. With over a lakh listings representing more than 1,000 brands, and a presence in 170 stores across 90 cities, the e-commerce furniture brand is dedicated to serving customers in over 300 cities. The company boasts an impressive, owned supply chain, ensuring timely deliveries to more than 200 cities.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
