Daewoo has plans to launch its own branded stores, with a target of opening 130 outlets by 2025-26. | Source: Wikipedia
Korean brand Daewoo on Tuesday said it has set the target of achieving a revenue of Rs 500 crore by FY27 from India business and plans to launch over 100 products across multiple categories.
Besides, the company is also looking to launch its own branded stores across the country, and aims to open 130 outlets by 2025-2026, it said.
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Daewoo, which re-entered the Indian market in October last year, has a diverse portfolio ranging from power and energy products such as batteries, solar panels, and inverters to consumer electronics items, including LED TVs and kitchen appliances.
According to the company, the consumer durables market in India presents a substantial growth opportunity, as penetration levels remain relatively low with only 18 per cent of households owning air-conditioners and 33 per cent refrigerators while the washing machine ownership stands at 80 per cent.
Daewoo aims to fill this gap with innovative, high-quality products that align with the changing lifestyle needs of Indian consumers, it said.
“Addressing the growing demand for consumer appliances in India, Daewoo is set to cater to the evolving needs of Indian households with the launch of over 100 products across multiple categories,” Daewoo said.
With the rise of nuclear families and dual-income homes, the demand for essential appliances such as air-conditioners, refrigerators, and washing machines continues to surge, the company said, adding that it “has set ambitious revenue targets, aiming to achieve Rs 500 crore by FY270”.
“India’s growing economy and evolving consumer behaviour create a perfect opportunity for us to reintroduce our products. Many households still lack essential appliances, and this market gap, combined with rising consumer aspirations, positions us to make a substantial impact,” said H S Bhatia, Managing Director of Daewoo India.
Bhatia further said that the company’s focus for the first two years will be on brand-building, making its products “relevant and engaging, especially for younger consumers”.
As part of its growth strategy in the domestic market, Bhatia said, Daewoo plans to introduce two to three products every quarter, positioning itself to capture a significant share of the growing demand for consumer appliances in India.
The company said its expansion strategy also includes a state-wise roll-out, prioritising key regions in northern and southern parts of the country.
Additionally, Daewoo has plans to launch its own branded stores, with a target of opening 130 outlets by 2025-26 and is also in talks with major e-commerce platforms to expand its online presence, the company said.
(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.)
First Published: Oct 08 2024 | 6:50 PM IST
