Philips India plans to clock 25 percent compound annual growth rate (CAGR) in the garment care category by the end of 2015, A.D.A. Ratnam, president, consumer lifestyle, Philips India said here Wednesday.
"In Philips, garment care category is growing in excess of 20 percent (CAGR). We would like to increase it substantially over a period of time, somewhere in the range of 25 percent plus by end of 2015. That's the way we want to grow and reach to more amount of customers," Ratnam told IANS on the sidelines of an event to launch Philips PerfectCare Iron.
In India, the garment care market is Rs.1,060 crore, which is growing at 10 percent CAGR.
"The introduction of more and more categories and the introduction of products (PerfectCare Iron) like these which will take us to the next level. We have a reasonably strong distribution channel and brand equity," he added.
The company has more than 20,000 outlets in the country.
Since January till date, the company has launched around 20 products, he said, adding: "Before Diwali (the festive season) there will be two-three more launches in the mother and child and air purifier categories."
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The niche product in the ironing category that the company launched Wednesday is priced at Rs.23,495.
"The product is value for money and the customer is willing to buy," Ratnam said.
He mentioned that on an average, middle-class Indian families spend around Rs.1 lakh on dresses every year, hence those customers would not mind shelling out some more money to take care of their garments.