Financial Daily from THE HINDU group of publications
Wednesday, Feb 08, 2006
Financial Daily from THE HINDU group of publications Wednesday, Feb 08, 2006 |
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Marketing
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Strategy TTK Prestige to use US expert's name to tap high-end segment Our Bureau
Bangalore , Feb. 7 TTK Prestige will be using the US culinary expert Rocco De Spirito's name to gain an entry into the high-end segment of the US market for cookware and pressure cooker. Manttra Inc, the marketing subsidiary of TTK Prestige, has signed an agreement with Rocco De Spirito to use his name and services to promote its products in the US and Canada stores. The celebrity chef presents programmes on cookery in the American TV and has authored books. The agreement is valid for five years with an option for renewal with mutual agreement. Manttra, which markets mid-priced kitchen appliances under its brand name for the Indian community and the local consumers, has been toying with the idea of entering the premium segment of the US cookware market estimated at about $100 million. TTK Prestige exports appliances worth $2 million to the US, consisting largely of pressure cookers. By using the "Rocco" brand, the company hopes to achieve the dual objective of expanding its volume and presence and garnering a sizeable share in the high-end market, said Mr T.T. Jagannathan, Chairman of the TTK Group. TTK Prestige would be marketing specially designed cookware range and pressure cookers under the brand "Rocco", said Mr K. Shankaran, Director, Corporate Affairs. He said this was the first time that Rocco De Spirito would be promoting an Indian product. Manttra would largely source cookware from TTK Prestige, while it might seek supplies from other countries for select models. TTK Prestige recently announced investment of Rs 20 crore to increase its capacity to 1.7 million units.
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