Hong Kong-based direct selling company QNet today said it plans to launch 8-10 new products in the health and wellness segment in the next one year in the Indian market.
The Rs 560-crore company has already launched 64 products in the domestic market, which includes 15 health and wellness products in its 'Nutriplus' category.
"We plans to introduce 8-10 new products in the health and wellness segment in the next one year. Various studies suggest double digit growth in demand of health and wellness products over the next two-three years which we want to capture through partnerships with local producers," a senior company official N Churamani said here.
"We are focusing more on the ayurvedic products to tap the ongoing trend in India. We are sourcing our herbal tea products from Coimbatore, soluble fibre products from Himachal Pradesh and calcium products from SMEs in Bangaluru," he said.
The company has also changed its focus to enhance procurement of products from local manufacturers.
From the level of 40 per cent of local procurement, QNet expanded local products basket to 70 per cent in 2015-16. It plans to expand local sourcing further to 90 per cent in the next 12 months, Churamani said.
The company claims to sell all food supplement products certified by the FSSAI and others by their respective regulatory bodies.
Apart from that, it is also planning to introduce fashion jewellery and luxury watches, assembled in India.
Meanwhile, QNet welcomed the newly released guidelines for companies in the direct selling industry in India from the Ministry of Consumer Affairs.
This is a huge step forward for companies in the direct selling space which have been plagued by baseless allegations and confusion around their business model for many years. And these guidelines expected to help weed out fraudulent players, allow serious companies to grow and ensure protection of consumers, Churamani said.
According to reports, the direct selling industry is presently facing turbulent times and the morale of distributors is said to be low due to the prevailing ambiguity over the industry's legal status.
The direct selling industry in India is estimated at Rs 7,200 crore which would see eight times growth to Rs 64,000 by 2025, Churamani added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)