Godrej Appliances has entered the super—premium segment across refrigerators, ACs, washing machines and microwave ovens with the launch of a new brand NXW.
The company launched a new range of refrigerators under NXW here today, with more launches of the brand in other categories expected this year.
“We are eyeing a 15 per cent market share of the Rs 2,000 crore super premium market in refrigerators in the next three years,” executive vice president, Godrej Appliances, Kamal Nandi told reporters.
“In FY’16 we expect 5 per cent of our revenues to come from the super premium segment for refrigerators,” he added.
The super premium segment for appliances, especially in the cooling categories is growing much faster than other segments, despite a slowdown in the last three years, he added.
“In the last three years, while the overall industry growth has been flat, super—premium segment has grown 23 percent in FY’14 and 27 per cent in FY’15,” Nandi said.
“In the refrigerator category, overall sales grew 33 per cent last year and the super—premium segment grew by nearly 50 per cent,” he added.
Currently, Godrej Appliances stands fourth in terms of market share for refrigerators where LG, Samsung and Whirlpool hold the top three spots.
The NXW range of refrigerators will be priced between Rs 50,000 to Rs 80,000.
The company saw a 36 per cent growth in revenues in FY’15 to Rs 2,750 crore.
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