 "AIWA")
Japanese electronics brand AIWA on Tuesday launched a new range of 'Luxury Acoustics' speakers and said it expects its audio category to be about Rs 200 crore business in the country in the next two years.
The company, which is celebrating its 70th year anniversary globally, aims to build the Indian operations into a USD 1 billion business over the next five years as it expands into newer product categories and ramps up its presence in the country.
AIWA India Managing Director Ajay Mehta said the company is looking at building its Indian operations into a USD 1 billion business over the next five years as it brings in several products across categories such as audio, television, washing machines, refrigerators, air conditioners, and air purifiers.
He added that the company expects to close this fiscal with about Rs 100 crore in revenue this fiscal, which could grow 4x-5x next fiscal as it expands its product range in the country. Mehta noted that the company is also in discussions with contract manufacturers in India for local manufacturing.
Talking about the new range of audio products, Mehta said with this launch, music enthusiasts and audiophiles across India are in for something really special.
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"The series will deliver an amazing experience with an enhanced sound and Luxurious quality. Additionally, with the range, we expect to increase our market share significantly. The Indian market has always been very special to AIWA and with these devices, we hope to soon see AIWA as the 'brand of choice'.
The new range will be available at Reliance Digital Stores, Amazon, and across key retail partners across India.
The company, which had recently launched a lineup of audio products including wireless earphones and neckbands, said the audio category is expected to grow to Rs 200 crore business in the next two years, Mehta said.
He added that the company has earmarked about USD 10 million to be invested towards marketing and advertising for the next two years.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
