In a bid to upgrade the Indian household from being customers of low-end and traditional designs to high-end and modern designs in cutlery, Delhi-based FnS India Inc, has launched its new range of table cutlery. The company has set a target to sell about 20 lakh units in the first year. | |
| Announcing the launch of FnS cutlery collection, Adish Jain, director, FnS India Inc, said that though cutlery segment enjoyed a mature market worldwide, it was still in its nascent stage in India. |
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| The cutlery market is fragmented in India with a few organised players. Moreover, there is very limited choice to consumers in India in terms of design and material, he said. The total market size of cutlery in India was estimated at about 20 crore units at Rs 125 crore, of which the organised segment would account for only about Rs 25 crore, he added. |
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| Besides offering high-end and modern products, FnS is also keen to establish its presence in the organised segment, dominated by players like Kishco, Magppie, Crystal and Venus, he added. |
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| FnS India aims at capturing around 25 per cent of the market share of the organised cutlery market by the end of the first year, with a sale of two million units in the first year to garner a revenue of Rs 6 crore. |
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| FnS India Inc, formed last year by two entrepreneurs "� Adish Jain and Vikas Jain, would target higher middle class and upper class household to sell its products. "We will target mostly married women in the age between 25-40, as they are the decision-makers when it comes to cutlery," said Jain. |
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| The company is in the process of appointing dealers in each state and is planning to reach five lakh towns by December 2006. It is looking at making its products available at leading lifestyle stores, super markets and top end of the line crockery and utensil stores across the country. |
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| FnS cutlery collection is available in wooden tray-cum-boxes in sets of 18, 24 and 26 pieces and is priced between Rs 500 and Rs 6,000. The cutlery collections have been designed by cutlery designers from Italy, France and Scandinavia. |
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| Of the 10 new collections, seven designs are manufactured in a few factories in China and three designs are being made in India. The company has so far invested about Rs 3 crore for research and development, design, inventory and marketing programmes. |
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