Britain-based appliances maker Dyson will be entering Indian market and plans to invest around 150 million British Pounds (Rs 124.32 crore) in next three to five years to set up a retail network here.
The company, which designs and manufactures vacuum cleaners, hand dryers, bladeless fans and heaters has applied for a business license to make its patented technology available in India.
"We will invest 150 million British Pounds in next three to five years to open stores and set up retail network here. Our first store would open in the middle of next year, if we are allowed to," Dyson Founder & Chief Engineer Sir James Dyson told PTI.
He further said: "We want to invest here to have a set up and sell our products, which are known for their technology. We would have our own stores and website for that. We want people to experience our products here," he added.
Established in 1991, Dyson has filed 7,500 patents for its technology worldwide. It invests 5 million British Pounds each week with over 40 universities to develop early stage technologies.
The company has plans to open stores in major 20 cities in next three years and would focus on mass market.
It is confident to create space in the highly competitive segment of vacuum cleaners and air purifiers.
"We would offer better technology and better engineering and design here," he said.
Besides, the company also has plans to partner leading retailers.
"In the first year, we would go alone and then in the second year, we may look for multi brand stores," he added.
At present, Dyson would import units manufactured at Malaysia, Singapore and Philippines and would consider to set up an assembling unit if the volume picks up.
"We would study the market response for one or two years and then evaluate it," he added.
Dyson products are sold in over 75 countries and in 2015, it had a revenue of 1.74 billion British Pounds.
Disclaimer: No Business Standard Journalist was involved in creation of this content
