When Hayk Hambarchyan and his family launched Hrashk Group LLC in 2018, their dream was simple yet ambitious: to build a modern Armenian furniture business that could compete with the best. Just a few years later, the company has not only achieved that vision but far surpassed it — quadrupling its turnover between 2021 and 2025, expanding operations, and setting new standards in quality and sustainability.
“I’ve always believed in creating added value,” says Hayk, an economist by training with a deep interest in smart production systems. “Manufacturing is complex, but strong local industry is essential for a strong country.”
What began as a small family operation has grown into a key player in Armenia’s home furniture, mattress, and bedding market. Today, Hrashk Group combines tradition with innovation, craftsmanship with modern engineering—and does so with a clear eye on the future.
A Digital Leap Sparks Transformation
The turning point came in 2022, when the company secured its first wave of support from the European Bank for Reconstruction and Development (EBRD) under the EU4Business Initiative. With expert guidance, Hrashk launched its first e-commerce platform, haybed.am, an important milestone in a market still adapting to digital retail.
“I thought it would be time-consuming and bureaucratic,” Hayk admits. “But with the help of the EBRD consultants, everything went surprisingly smoothly.”
The new digital storefront not only simplified online purchases, but also elevated the brand’s visibility and credibility, both domestically and with potential partners abroad.
Building Quality, Brick by Brick
In 2023, the company took another strategic step by obtaining ISO 9001:2015 and ISO 14001:2015 certifications with EU4Business support. These certifications strengthened the company’s commitment to quality manufacturing and environmentally responsible production — two pillars that are now central to Hrashk Group’s identity.
“The consulting helped us build internal systems for managing production quality and waste more effectively,” Hayk says. “It gave us the structure we needed to scale.”
But growth brought complexity. As operations expanded, so did the challenges of managing people, processes, and planning. In response, Hrashk secured further EU-backed assistance to develop a comprehensive business process management system — a crucial step for transitioning from a family-run business into a scalable enterprise.
Going Green, Staying Competitive
In 2024, Hrashk crossed another milestone with the installation of solar panels on its production site, financed through the EU4Business-EBRD Credit Line. For Hayk, it wasn’t just about cutting costs — it was about taking responsibility.
“Switching to solar power was a long-term investment,” he says. “It reduced our electricity bills and pushed us to think more sustainably.”
The company also received financial support for acquiring advanced machinery — equipment that has helped them lower costs, introduce new product lines, and improve productivity. These modern upgrades have allowed Hrashk to maintain a competitive edge in an increasingly sophisticated market.
Across multiple funding cycles — nearly ten distinct EU-supported interventions, including cashbacks — Hrashk Group has seized each opportunity to reinvest in its operations, its people, and its future.
Expanding with Purpose
Today, the company is investing in a new production facility built to international standards, a major step toward increasing output and expanding into new markets.
“After every round of support, we could see improvements almost immediately,” Hayk reflects. “It’s a chain reaction — efficiency rises, quality improves, and the team becomes more motivated.”
But Hayk’s ambitions go beyond just business. A firm believer in peer learning, he now shares his experience with other Armenian SMEs, helping them understand how EU support can unlock new stages of growth.
“We’ve seen first-hand how EU4Business programmes can transform companies. I want others to benefit the way we have.”
A Model for Modern Manufacturing in Armenia
Hrashk Group’s journey — from a family startup to a recognized industrial player — is a powerful example of what’s possible when local vision meets strategic support. With its strong foundation, forward-looking leadership, and continued EU partnership, the company is not just growing — it’s helping to redefine what modern Armenian manufacturing can look like.
