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Safes, lockers and vaults have always been drab and unexciting functional products. However, Godrej Security Solutions (GSSL), part of Godrej and Boyce, is planning to add a dash of colour to them.
The maker of the over century-old household brand Nav-Tal locks is banking on a combination of hi-tech features and colour to sell safes, lockers and vaults to banks and individual customers.
“The urban market for banks is saturated. Hence, they are expanding their branch network in semi-urban and rural areas. Our products will cater to the demand for lockers and vaults from this segment,” said GSSL's Head (Marketing Communications), Mr Mehernosh B. Pithawala.
Further, GSSL is looking at a 25 per cent growth from the home segment this year. This will come through launch of more high technology and colourful products and by scaling up the distribution network.
Coloured safes
The coloured safes are a big hit among people planning their new house, said Mr Pithawala. The home segment contributed about Rs 120 crore to GSSL's total turnover of Rs 600 crore in FY12.
GSSL sells about 20-25 different products ranging from Rs 4,000 to Rs 40,000 a unit. The products are being sold at 2,500 outlets, including Godrej Interio and modern retail like Home Stop and Big Bazaar, across the country. The company plans to double the number of outlets selling its products.
Low penetration
Mr Pithawala said though burglary and other criminal activities are on rise, the penetration of safes and lockers in India is a mere 1 per cent compared to the US (25 per cent) and Italy (30 per cent).
GSSL's safes, vaults, CCTV cameras, fire alarm systems, security walk-ins are being used by banks, malls, and corporates. This line of business is growing at a rate of 50-60 per cent, explained Mr Pithawala.
The company is also looking at a 30 per cent growth in exports with focus on the African and West Asia markets. At present, the overseas revenue accounts for about 10 per cent of the total revenue.
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