Lock & Lock to pump in $30 mn in three years

Hanacobi Co, the parent company of food containers brand Lock & Lock will be investing $30 million (Rs 134 crore) in India over the next three years.

Chang Ho Kim, president, Hanacobi, said the company would be setting up a manufacturing facility in India over the next three years and was currently searching for a suitable location.

"We are currently studying the tax conditions and other aspects, and will soon start manufacturing in India," said Kim adding that they would also be exporting the product from India to neighbouring countries.

While Tupperware, the biggest player in the segment at present, Lock & Lock is already the best selling brand in countries like Singapore, Taiwan and Korea and is working at becoming the largest brand in the segment over the next ten years.

The company is also targetting a turnover of $20 million (Rs 89.4 crore) from India by 2010 compared with $2.5million (Rs 11.17 crore) projected for 2007.

"We see India becoming our second largest market in the world over the next ten years," said Kim.

Jayesh Dedhia, distributor-India, Lock & Lock said to reach this target, they would be expanding their presence in the larger departmental stores as well as setting up flagship Lock & Lock stores. Currently the brand is available through 900 outlets in the country.

Apart from the flagship stores, Dedhia is looking at boosting sales by tapping all the possible outlets that housewives visit. "We have already started retailing through grocery and general stores and will soon be present in white goods stores as well," he said.

The company will be introducing a special pack of containers which can be packaged with refrigerators or microwaves.

The company also stocks its products at modular kitchen showrooms as part of the display and Dedhia said that a large number of people were in fact buying the containers along with the kitchen units.

The company has also customised products for India like a roti container and insulated water bottles. The company will soon tap the online sales and television shopping network to further boost sales in India.

Internationally, the company hopes to touch $150 million (Rs 670.67) this year as compared to $143 million (Rs 639.3 crore) in 2005.