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Leading consumer durables player Haier Appliances is betting big on the India growth story. The company, which is celebrating its 20th anniversary of establishment in India, expects to touch the ₹10,000 crore-mark by 2025 in terms of revenues.
N S Satish, President, Haier Appliances India, told businessline, “Whether it’s in terms of investments or innovation, we are bullish on the India growth story. Currently, the India market is number three in terms of revenue contribution for Haier outside China. We are seeing good adoption of premium products and new technologies among Indian consumers. So it’s a key market for the brand.”
The consumer durable major has been growing at 25 per cent CAGR for the past few years and has invested about ₹3,000 crore so far in the Indian market.
Scaling up
Talking about the company’s journey during 2023, Satish said, “The first six months were challenging for the industry due to various macro-economic factors, but we being a challenger brand, we were able to garner strong growth across categories. We focused on new-age marketing strategies which included focusing strongly on IPL and World Cup. This helped us gain fantastic mileage. We also introduced a lot of new products and focused strongly on making consumer buying experience and after-sales service better.”
The company is looking to aggressively scale up the business further. “We closed last year at revenues of about ₹7,000 crore. This year, we are on track to achieve revenues of ₹8,500 crore and we expect to touch the ₹10,000 crore-mark by 2025,” he added.
Asked about future investments, he added, “We have adequate manufacturing capacities to cater to demand for at least the next two years and we will begin planning the next stage now. We are among the top three brands in the country now and we aim to get to the number 2 position.”
Product launch
On Wednesday, Haier India launched a new range of OLED & QLED TVs, Super Heavy-Duty air-conditioner series, Kinouchi Black Air conditioner, Vogue and smart convertible refrigerators, washer and dryer front-load washing machine, commercial refrigeration solutions and commercial air-conditioners.
“Currently, the refrigerator segment contributes the largest chunk to our revenues. At the same time, we see huge potential in categories such as washing machines, air-conditioners as well as LED TV,” Satish added.
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