A New Face of Indian Legacy

In India’s evolving consumer landscape, legacy alone is no longer enough to stay ahead. This is the challenge that Nyrika Holkar, executive director of Godrej & Boyce, has taken head-on as she leads one of India’s most storied companies through a sweeping modernization effort. Her mission reflects the broader trend of Indian furniture industry modernization, where century-old heritage meets the demands of a digital, design-conscious, and sustainability-minded generation.

Holkar, a fourth-generation member of the Godrej family, is determined to transform the 127-year-old conglomerate into a global benchmark for modern consumer engagement. While Godrej’s name has long been associated with steel cupboards, locks, and refrigerators in Indian homes, Holkar’s focus is on repositioning the brand for Gen Z and millennial consumers, who value aesthetics, digital convenience, and eco-friendly innovation.

“Taking a brand with so much legacy and building a customer-centric narrative is both a privilege and a challenge,” she told Forbes Asia.

Revitalizing Godrej’s Core: From Legacy to Lifestyle

The Indian furniture industry modernization taking place within Godrej & Boyce is most visible in its Interio division, which focuses on home and office furniture. Interio’s transformation plan is both ambitious and strategic. The company aims to triple its revenue to $1.2 billion by fiscal 2029, up from $410 million in 2025. To achieve this, Godrej Interio is investing $35 million to open 500 new stores across India, especially in tier 2 and tier 3 cities, where rising middle-class aspirations are reshaping the retail landscape.

The domestic furniture market in India is projected to grow at a compound annual rate of 7.6%, reaching $43 billion by 2030, according to market research firm Mordor Intelligence. This growth is driven by rapid urbanization, homeownership, and lifestyle upgrades, particularly among younger consumers. Holkar understands this shift well. Under her leadership, Interio is launching new lines that cater directly to modern tastes — from ergonomic chairs for gamers to sleek aluminum outdoor sets and stylish children’s furniture.

The classic steel wardrobes, once limited to grey finishes, now come in vibrant colors like baked apple and dusty rose. “People want more guidance on how to put things together,” Holkar explained, emphasizing that Interio has transitioned from warehouse-style outlets to immersive, room-styled experience stores.

Digital Transformation and Data-Led Retail

At the heart of Indian furniture industry modernization lies digital transformation, and Godrej & Boyce is investing heavily to ensure it leads the pack. The company’s furniture e-commerce platform now delivers across 18,000 postal codes, up from just 4,000 two years ago. This expansion reflects a deliberate strategy to serve India’s vast digital consumer base, which increasingly prefers to explore, customize, and purchase furniture online.

Holkar’s approach goes beyond e-commerce logistics. The company is leveraging eye-tracking, heatmapping, and heart-rate analysis to understand how customers interact with products and store layouts. By combining digital analytics with on-the-ground insights — such as Holkar’s own visits to consumer homes — Godrej is building a hybrid model of data-driven retail and human-centered design.

In addition, Godrej is investing $140 million in a company-wide digital integration project that consolidates sales, marketing, and after-sales data across its divisions. “We want a single view of the customer,” Holkar said. This transformation allows Godrej to personalize customer experiences and strengthen loyalty through responsive after-sales support — a key differentiator in a competitive market.

Facing Global Competition with Indian Innovation

The Indian furniture industry modernization effort is taking place against the backdrop of increasing competition. Global giants like IKEA and domestic powerhouses such as Nilkamal and Durian Industries are battling for market share. Yet, Interio has maintained its top position by focusing on vertical integration — controlling every aspect from design and engineering to supply chain and after-sales service.

Devarshi Mehta, a senior analyst at Mordor Intelligence, highlights that Godrej’s “decades of consumer trust” and “steady product quality” give it a sustainable advantage. Meanwhile, Holkar’s leadership ensures that this trust evolves with changing consumer expectations. By blending traditional craftsmanship with digital precision and modern design, Interio is proving that a legacy brand can be both timeless and trendy.

Moreover, sustainability is emerging as a core theme. The company is exploring the use of eco-friendly materials and energy-efficient manufacturing processes, aligning with global trends in responsible design. In doing so, Godrej is not only modernizing its own operations but also contributing to the larger shift toward green growth within the Indian manufacturing ecosystem.

Expanding Beyond Furniture: Appliances and Aerospace

While furniture remains a key focus, Holkar’s modernization strategy extends across all consumer segments. The appliances division — another pillar of Godrej & Boyce — posted $820 million in revenue for fiscal 2025 and expects 30% growth in 2026. Like Interio, this business is pivoting toward premium, AI-enabled home technologies such as smart air conditioners and refrigerators that optimize power usage.

The modernization drive also encompasses Godrej Aerospace, a division that has supplied components for India’s space missions, including the Mars Orbiter and Chandrayaan-3. This underscores Godrej’s dual identity: a consumer leader and industrial innovator. The company’s expansion into aerospace R&D partnerships with startups exemplifies how a century-old brand can remain at the forefront of multiple sectors.

The Woman Behind the Transformation

At 43, Nyrika Holkar represents a generational shift not just within her family but also within Indian corporate leadership. A trained lawyer with degrees from University College London and Colorado College, she joined the company in 2015 and became executive director in 2018. Her tenure has coincided with both a digital reinvention and a family business restructuring, which split the Godrej empire into two distinct entities in 2024 — the Godrej Enterprises Group, led by her uncle Jamshyd Godrej, and the Godrej Industries Group, managed by Adi and Nadir Godrej.

Holkar’s ability to balance heritage and innovation, family consensus and corporate governance, has been central to Godrej’s continued relevance. She combines analytical precision with empathetic leadership, often described by colleagues as “participative and collaborative.”

Her modernization mission is as much cultural as it is commercial. It reflects a broader redefinition of what Indian consumers — particularly younger generations — expect from legacy brands. In many ways, her work epitomizes the ongoing Indian furniture industry modernization, blending functionality, design, and technology in equal measure.

Looking Ahead: India’s Furniture Future

As India’s middle class continues to expand and homeownership rates rise, the Indian furniture industry modernization journey is only beginning. By 2030, demand for stylish, ergonomic, and sustainable furniture will reshape how Indian homes look and feel. Companies like Godrej & Boyce are uniquely positioned to lead this change, leveraging both their manufacturing scale and their understanding of local culture.

For Nyrika Holkar, modernization is not about replacing the old with the new but reinterpreting heritage for the modern age. “Our focus now is on R&D, product development, and digital tech,” she said, emphasizing that innovation and tradition can coexist.

Under her leadership, Godrej & Boyce is no longer just a symbol of the past — it’s a blueprint for India’s industrial future.