Havells India, which entered the home appliances business in August this year, is targeting Rs 120 crore revenues from this segment by March.
Havells India, best known for electrical equipment like switches, cables, fans and bulbs, had launched its range of home appliances – irons, mixer and grinders, juicers, toasters, electric kettles, and blenders – under the Havells brand in August.
“So far, we have received tremendous response from customers to the appliance products. We target to achieve around Rs 300 crore turnover in the next three years from this category,” Satish Chaudhary, head (appliances), Havells India, said.
The home appliances market in India is currently pegged at Rs 5,200 crore, where the premium segment has 30 per cent share, and major players are Phillips, Panasonic and Morphy Richards. The overall market is growing at 20-25 per cent year-on year.
Havells plans to invest Rs 70-80 crore in branding, product development and marketing. It also plans to launch room coolers and water dispensers in the next six months besides launching 5 more models under its mixer grinder category.
“We have tied up with some international players to bring their technology in product development,” he said.
Launching its home appliances products in the Andhra Pradesh market, he said, they were targeting 10 per cent market share in the Rs 500-home appliances market in AP with new launches.
Havells at present retails its home appliance products in metros and Tier I cities. It plans to enter Tier II, Tier III and rural markets in three years.
