Aamir Baig's company puts a new business model on the table—luxury furniture at an affordable price.
Baig co-founded e-commerce furniture start-up, Bryght, which he projects will hit $5 million in revenue by the end of this year.
"We're like Warby Parker for furniture," he told CNBC.
Baig had 60 seconds to pitch his "bryght" idea to a very well-furnished panel with Judy George, owner of home-branding and design firm Judy George International, Stephanie Palmeri, a principal at SoftTech VC, and Maxwell Ryan, founder of "Apartment Therapy." Will Baig's pitch floor the panel or will they dim out his idea? Watch the video to find out.
Bryght beginnings
Back in 2006, Baig's friend Andy Prochazka visited a trade show in China. While there, Prochazka noticed the disparity between manufacturer sale prices and retail prices. He found the gap particularly significant in the high-end furniture sector.
Prochazka and Baig, and two other partners teamed up to found "Fill The Container," which they later renamed Bryght. The company's website states, "No importers, distributors, wholesalers, or retailers," which Baig said is "an opportunity to eliminate a lot of inefficiency in how designer high-quality furniture is sold."
Headquartered in Vancouver, British Columbia, Bryght works directly with nearly a dozen high-end furniture designers. The start-up uses its own manufacturing plants in Vietnam and Malaysia. Bryght then sells the furniture directly to consumers through its website Bryght.com. The site offers about 400 home furniture items, including sofas, chairs and tables. Baig said his start-up saves customers on average about 50 percent.
During the "Power Pitch" segment, Palmeri asked Baig to explain Bryght's shipping costs, as well as customer expectations on speed of delivery
"Eighty percent of the units that we ship are shipped from in stock. And we're able to deliver it into our customer's home within one to two weeks," Baig replied. "So the product life cycle that we have is we start off a product in a made-to-order environment."
Bryght prices shipping at a flat rate of $49 and ships to 11,000 cities in North America.
Apartment Therapy founder Ryan pressed Baig on competition. "Who's to say that you're not going to get knocked out of the park 12 months from now when Crate & Barrel or Room & Board or any of these other companies that already do all this stuff do the same thing?" he asked.
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"I like my chances against companies like Crate & Barrel. I would be worried about somebody else like us, who's faster and just more hungry trying to capitalize on this moment of time," Baig responded.
But Bryght isn't the only one with a big appetite. The $10 billion online furniture sales industry is expected to grow 7.2 percent annually for the next five years according to IbisWorld. The research firm identified Williams-Sonoma, Wayfair and Overstock.com as major players.
Meanwhile, start-up One Kings Lane, which focuses on flash sales for high-end home décor, continues to disrupt the e-commerce furniture space. One Kings Lane confirmed with CNBC that as of January 2014, it's raised a total of $229 million, with a reported valuation of just under $1 billion.
But, Baig sees a bright future ahead for his start-up. "We've grown 600 percent from our year one of operations," he told the "Power Pitch" panel, and Baig said Bryght is already profitable.
With 3,000 customers under its belt, the company has delivered 10,000 products since its 2011 launch. Plans to expand inventory for bedroom, outdoor, kids, accessories and office furniture are also in the works.
So far Bryght's four co-founders— Baig, Fraser Hall, Sam Prochazka and Andy Prochazka—bootstrapped the start-up with $1.2 million. They have yet to raise any outside venture capital.
During the Power Pitch, viewers were asked to vote whether they were IN or Out on Bryght, and 29% were IN. Watch the video to see how the Power Pitch panel voted.
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