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| Videocon changes tack for better growth |
| BS Reporter / New Delhi Oct 27, 2008, 00:22 IST |
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Having completed consolidation of its core business processes across various levels, domestic consumer durables major Videocon has embarked on a new strategy to achieve better growth. The company has decided to reposition its multi-brand strategy by leveraging its individual brands keeping Indian consumers in mind.
"We are targeting a quantum growth in the current year and are quite upbeat about our festive period sales in spite of average market conditions,” KR Kim, vice-chairman & CEO, Videocon Industries, said.
In the past, segmented production capacity and lack of focused approach had hindered the company's growth against multinational entrants in the domestic consumer durables space.
The company has established a new factory at Kashipur to meet the demand for colour televisions, refrigerators and washing machines. With a special thrust on R&D and new technology, it aims to offer more products in the global market. The company has R&D centres in Shenzhen and Tokyo which work towards building technology with emphasis on ecology. The company is also planning new products not only for the Videocon brand but also for its other group brands such as Electrolux, Sansui and Akai. In a bid to strengthen its after-sales services, the company has launched a new 2-2-2 service initiative whereby the company will attend, sort out problems and replace defective products. Also better exports growth to West Asia, Latin America, Nigeria and Indonesia have contributed towards consolidating the company's global footprint. The company aims to grow its overseas business more than three-fold in three years by offering new products to achieve sales of $1 billion.
It expects to grow about 20 per cent each year.
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