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Speaking about this, Sumit Joshi, senior director, marketing, Philips Lighting India, said, "There is a huge opportunity in India for decorative lighting business. India already is one of the top five markets for lighting business for Philips the other being north America , two clusters in Europe and China. Our endeavour is showcase our products to a lot more customers and we will double the number of Philips Light Lounge in next 12-18 months. We promote different styles to suit the needs of Indian Consumers and our stores are based on their design preferences. The size of the store can be anywhere between 600 sq ft to 2000 sq ft depending on the location.
Philips entered into decorative lighting business in 2009 The designs are developed at our Development center in Noida.
Joshi added, "The market is growing at 10 per cent. But we have clocked a compounded annual growth rate of 100 per cent over the last three years and 60 per cent growth last year. The market for decorative lighting is currently inundated with unbranded cheap imports that do not always satisfy energy efficiency and safety norms. Philips differentiates its offerings through innovation in design, energy efficiency and application of its global lighting application expertise."
