Nitco launches wall tiles; eyes 5% market

Mumbai-based Nitco Limited has launched its new range of wall and floor tiles.

With this, the company is targeting a 5 per cent market share in the wall tile category in the first year of launch, said chief operating officer Kalyan Kumar Kaul.

Currently, Nitco enjoys a 12 per cent market share in the ceramic and vitrified tile category, the market for which is pegged at Rs 6,500 crore.

The company is planning to organise the launch of new titles in 10 cities across India and has earmarked a budget of Rs 3-4 crore.

Nitco is targeting a turnover of Rs 1,000 crore in the financial year 2009-10, as compared with Rs 651 crore in 2007-08, said Kaul.

To offset the impact of slowdown, the company is focusing on retail sales. Towards this, it plans to open 100 ‘Le studio’ (retail chain offering tiling solutions) in the next couple of years.

The company already has 51 Le studios, of which 20 are company owned and the remaining franchisees.