Aiming to more than double its turnover to around Rs 150 crore this fiscal, Austenitic Creations, a unit of Jindal Steel (JSL), today said it will expand offerings in the premium home decor products with the launch of a new brand, named 'U'.
Austenitic Creations (ACPL), which already has a brand 'arttd'inox' said its home decor products under the 'U' brand will be targeted at the top-end of the market segment.
"We will be launching the new brand 'U' in Delhi and Mumbai by August this year and in the other metros by year end," Austenitic Creations Managing Director Deepika Jindal told reporters here.
With the addition of the new brand, the company is expecting a two-fold jump in its turnover this fiscal.
"We expect a turnover of Rs 150 crore in the current fiscal riding on the launch of this new vertical. We would be closing 2009-10 fiscal at Rs 60 crore," Austenitic Creations Chief Operating Officer Anuj Jain said.
ACPL is also changing business strategy for its existing home decor brand - arttd'inox -- for better market penetration by appointing Vishal Video and Appliances to market the products in the country.
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"We are changing the business model of our existing brand arttd'inox from that of a direct retailer model to single point distribution model. This is done primarily to get more penetration and better market reach," Jindal said.
Vishal Video and Appliances Managing Director Manoj Aggarwal said the company plans to market 'arttd'inox' products in 26 cities across India to be retailed by 400 dealers.