Direct selling company, Amway India, today reported a Rs 1,407-crore turnover for the financial year ended December 31, 2009 — up 25 per cent from the Rs 1,128 crore recorded in 2008.
The company is targeting a Rs 2,500-crore turnover by 2012, according to its India CEO and MD, William S Pinckney, who “sees a huge potential in the Indian economy”. Amway, which spent Rs 15 crore on promotions last year, plans to invest Rs 25 crore in promotions this year.
Amway India is a wholly-owned subsidiary of the $8.2-billion (over Rs 37,000-crore) Amway Corporation.
The company recently invested Rs 55 crore and tripled production at its Baddi vendor facility in Himachal Pradesh. At present, it has 115 products under its portfolio, excluding seasonal offerings. “We have been introducing 8-10 products in the domestic market over the last few years and, going forward, we will keep doing that,” Pinckney said.
He noted that 50 per cent of the company’s turnover in India comes from the nutritional business, while the beauty products segment has emerged as the fastest growing one. “Amway’s focus in the past two-three years to improve consumer access and awareness had paid off handsomely,” he said, adding the company would soon launch a new TV commercial exclusively for nutritional products.