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Godrej Appliances is aiming to grow its share of revenue from premium appliances to 25 per cent over the next three years and is investing Rs 200 crore for it, a top official today said.
Premium appliances presently constitute 15 per cent of its sales.
"We were primarily a mass products company. The journey of focusing on premium products started three years back. Now, the share of revenue from premium products is 15 per cent, but we are targeting to increase it to 25 per cent in three years," Godrej Appliances business head & EVP Kamal Nandi said here today.
The company is investing in a new plant in Pune with a capex of Rs 200 crore that will produce only premium products.
It proposes to manufacture large capacity appliances which are currently imported.
Nandi said more and more premium variants of each category of products will be unveiled.
The company today launched new premium single door direct cool refrigerator at Rs 23,000-25,000 as the segment still accounts for 80 per cent of the market.
Godrej is the fourth biggest player in overall refrigerator market with 14 per cent share. In the the premium segment, it commands 8-9 per cent market share.
Godrej Appliances had clocked a revenue of Rs 3,300 crore in the fiscal ending March 2017 and is targeting Rs 4,000 crore in the current fiscal.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)