The South African furniture market is valued at US$2.6bn, roughly 4% of the total retail market and has grown by c.7% per annum over the past 10 years. With increasing consumer demand for home goods reflecting the changing demographics in South Africa, Actis identified the significant growth potential of Coricraft Group, one of South Africa’s leading home furnishings and accessories retailers, due to its high quality, aspirational and value offering.
The Coricraft Group comprises three brands: Coricraft, a renowned South African furniture and home accessories retailer; Volpes, a leading home textiles business and Dial-a-Bed, South Africa’s most recognised bedding specialist. The Group is the largest cash furniture retailer in the country with a footprint of 126 stores in South Africa, Namibia and Botswana.
Actis invested in Coricraft in October 2015. Together with an exceptional management team, it is helping the business continue on its growth trajectory, opening a significant number of new stores across the three brands, identifying bolt-on acquisition opportunities, expanding its back-end manufacturing and logistics facilities and entering new markets in sub-Saharan Africa. The group is strongly positioned to capitalise on the macro shift from a credit-oriented home retail market to a cash model with the focus on the customer.
A new 2,500m2 superstore in Johannesburg’s buzzing Kramerville design district presents home furnishings in a multi-level apartment and offers ready-to-go stock: both new and innovative concepts in South Africa.