Comments
Versuni, which was formerly known as Philips Domestic Appliances, is sharpening its focus on India, which it considers a priority market. The licensee of Royal Philips, which is known for products such as mixer grinders and air fryers, is next looking at strengthening its presence in home security and vacuum cleaners, as well as bringing its coffee machines to the country.
In 2021, Royal Philips sold its domestic appliance business to global investment firm Hillhouse Capital, making it an independent entity. Earlier this year, Philips Domestic Appliances announced the change of its company name to Versuni. It continues to sell products under brands such as Philips, Saeco, Gaggia, and L’OR Barista. In India, it also sells products under the brand Preethi.
‘Huge opportunity’
Ozlem Fidanci, Chief Commercial Officer, Versuni, told businessline, “India has a large base of affluent consumers, strong GDP growth rates, and offers huge opportunity for growth for global players like us. We consider India one of our priority markets.The India business is growing at a healthy rate, and we aim to sustain this growth momentum.”
Nearly 70 per cent of the company’s products are made in India. Back in 2011, In its previous avataar, the company had acquired Preethi. “We are open to looking at opportunities to expand our manufacturing footprint in India,” she added.
Versuni is looking at growing household penetration in existing categories as well as new categories in the country. “Consumers in tier-2 and tier-3 towns are adopting lifestyles as seen in bigger cities. So we are looking to further strengthen category penetration in segments such as mixer grinders. Our air fryers have seen enormous consumer acceptance in India. We continue to bring new functionalities and features to these segments and sharply focus on offering products that are tailored to Indian recipes,” Fidanci said.
New launches
On new product segments being launched in India, she said, “We have recently launched home security devices in India along with other global markets.The initial response has been quite positive. We see wet and dry vacuum cleaning becoming a key trend in India and have launched products in the segment. Coffee machines are also becoming popular in various markets. So we will consider launching our coffee machines in India in the near term.”
Indian consumers have been increasingly spending on upgrading their appliances in post-pandemic times, strengthening the premiumisation trend. “Indian consumers are willing to pay more for products that offer them higher value,” Fidanci agreed.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.