The New Zealand based kitchen appliances maker Fisher & Paykel appears to be on an expansion spree in the Indian market. The firm will be setting up a retail network of 100 distributors spread across 25 cities by the end of 2015.
Fisher & Paykel that already has its presence in the metropolitan cities ofIndiais not looking forward to expand into the smaller cities such as Jalandhar,Nagpur, Thiruvananthapuram, Vizag,Rajkotand Bhubaneshwar in order to make its presence stronger and to establish a stronger foothold in the market.
Regarding this, Sanjeev Wadhwa, Managing Director, Fisher & Paykel Appliances India stated that the firm will be expanding its presence inIndiato 25 cities from the current one of 15 cities by the end of next year. For the same, Fisher & Paykel has chosen around 45 trade partners in order to sell its appliances in modular kitchen and bathroom fittings. As of now, the firm is involved in selling kitchen and household appliances in the country between the price bracket of Rs 25,000 and Rs 2.25 lakh.
Besides expanding its presence by reach more cities, Fisher & Paykel is also planning to expand its shop in a shop concept from the existing 16 to 30 by December 2015. Though it has normal retail channels, the firm is expecting a good traction from its projects business from the hospitality and housing segments as well. Regarding this, Wadhwa stated that the firm is in talks with the real estate developers to put their products in the hospitality and luxury apartments sector. The company recently completed some apartment projects inHyderabad, Pune and Gurgaon.
When it comes to revenue, the executive did not disclose the exact figures that are generated by Fisher & Paykel, but he stated that the appliance maker is hoping to grow over 50 percent from the next year due to geographical expansion and inclusion of new products to its portfolio.
Fisher & Paykel is in aims to makeIndiaone of its top five priority markets, added Wadhwa. He claimed that the firm is spending around 10 percent of its revenue on branding and marketing exercises. Debuted operations in 1934, Fisher & Paykel is present in over 50 countries across the globe with manufacturing bases set up atThailand,New Zealand,USA,ItalyandMexico.
