Strengthening Its Grip on the Luxury Décor Market

Asian Paints, India’s largest paint company, has completed the acquisition of the remaining 40% stake in White Teak, a premium home décor and lighting brand, for ₹188 crore. With this transaction, White Teak becomes a 100% wholly owned subsidiary of Asian Paints, reinforcing the company’s focus on becoming a dominant player in the broader home décor and interior design space.

White Teak, known for its luxury lighting, fans, and decorative items, was co-founded by entrepreneurs Silpi and Anuj Mehta. Asian Paints had initially acquired a 51% majority stake in 2020, followed by another 9% in 2023. This final tranche gives it full control of the brand and its operations.

Strategic Fit and Brand Synergy

Asian Paints has long been moving beyond paints into adjacent categories like furniture, kitchen, bath fittings, and lighting. Acquiring full control of White Teak aligns with its vision of offering end-to-end home solutions—from walls to décor. The acquisition is expected to:

• Deepen Asian Paints’ footprint in luxury home interiors

• Enhance cross-selling opportunities across its growing retail network

• Strengthen margins by owning more design-led, premium verticals

With White Teak’s strong brand recall in urban India and its rapidly growing online presence, Asian Paints gains direct access to the aspirational luxury segment, which complements its existing décor portfolio.

Deal Background and Execution

Asian Paints made its first investment in White Teak in November 2020, acquiring a 51% stake for approximately ₹180 crore. In 2023, it added another 9% stake, gradually increasing its control while allowing the founders to scale operations.

This final acquisition of the remaining 40% was completed at a valuation of ₹470 crore for the entire company, as implied by the ₹188 crore payout. The exit of the original promoters signals a full transition of management and strategic direction to Asian Paints.

Market Implications and Competitive Landscape

Asian Paints has made it clear that its growth strategy is not limited to the paint bucket. With rising competition from Grasim’s entry into paints and a crowded market of regional players, Asian Paints is doubling down on diversification and brand consolidation.

This move is significant in the context of:

• Indian consumers moving toward design-integrated homes

• Increased spending on home décor post-pandemic

• The rise of organized retail and omni-channel experiences in furnishing and lighting

White Teak’s curated catalog of chandeliers, table lamps, and fans positions Asian Paints to take on new-age competitors like Pepperfry, Urban Ladder, and even IKEA in lifestyle segments.

Final Word

The full acquisition of White Teak is more than just a transaction it’s a statement. It reaffirms Asian Paints’ evolution from a paint manufacturer to a full-stack home aesthetics company. With its expanding décor ecosystem, Asian Paints is building a vertically integrated empire that stretches from surface coatings to statement lighting.

As the brand gears up for deeper integration and expansion under Asian Paints’ leadership, this move could unlock new revenue streams, strengthen its D2C strategy, and elevate its position in India’s booming home décor market.