European premium bath and wellness brand, Villeroy & Boch, plans to capture a 15 per cent market share in the segment over the next five years, a top company official said.
"The bath and wellness market in India is worth around Rs 780-crore and growing at a high rate. We aspire to acquire an about 12–15 per cent market share in the segment over the next 5-years," Villeroy & Boch Country Manager (India), Srihari Nair, said here.
The branded luxury sanitary product market in India is virtually untapped and the company scents an immense potential here, he said. The Germany-based manufacturer entered the Indian market in 2009 directly with the launch of its Indian subsidiary, Villeroy & Boch Sales India Pvt Ltd.
"There are opportunities in the Indian market. India is a key market for us," Nair said, adding, "growth in this sector is being propelled by increasing urbanisation, increase in disposable incomes, growth in the real estate and hospitality sectors and growing awareness."
The product range in the company's bath and wellness category include sanitary ceramics, bathroom furniture, bathtubs, whirlpool systems, shower systems and trays, steam cabins and taps. There is a strong need for a premium brand in the bath and wellness category in India, as consumers have started taking bathroom space more seriously than ever.
"As consumers at the top-end are sophisticated and opting for innovative lifestyle products, Villeroy & Boch India is targeting this consumer group," Nair said.
"Our biggest challenge will be to champion the concept of lifestyles for bath and wellness category and also to reveal the good price-performance ratio, as consumers at the top-end are sophisticated and opt for innovative lifestyle products," he said.
The company now plans to make inroads into residential projects as well as capture some market for the renovation segment as well. Currently, the company has opened 5 Villeroy & Boch showrooms on a pan-India basis.