Companies

TTK Prestige launches first Prestige Lifestyle store; eyes ₹2,000-cr luxury kitchen appliances market

Sangeetha Chengappa Bengaluru | Updated on June 05, 2020 Published on June 05, 2020

TTK Prestige, the country’s popular kitchen appliances brand, opened its first Prestige Lifestyle store at Hennur Road in Bengaluru on Friday. This marks the brand’s foray into the luxury kitchen segment, where it will compete with brands including Elica, Faber and Kaff.

Prestige Lifestyle is a new line of premium stores aimed at catering to the discerning Indian home chef, who seeks a state-of-the-art kitchen. As the leader in the kitchen appliances segment, TTK Prestige’s expansion into new categories such as dishwashers, built-in ovens and island chimneys, is in keeping with its existing strategy of gaining a strong foothold in this fast-growing segment.

Set up at a cost of ₹30 lakh, the new 900-sq-ft Prestige Lifestyle store provides consumers with over 70 different products to pick from. The range of products combines innovative global technology along with durability to cater to Indian conditions and cooking habits.

“We pride ourselves on placing the Indian home-maker at the core of our business. People’s exposure to luxury and a better standard of living are what is fuelling the demand for high-end kitchen appliances. As most of us are spending time indoors, the kitchen is becoming the heart of the home. This means that people are becoming increasingly keen to create a space that epitomises luxury and comfort. We are immensely proud of our first store situated at Hennur Road and we are sure that Bengaluru residents are going to enjoy their shopping experience,” said Chandru Kalro, Managing Director, TTK Prestige.

The company has an established network of 570 plus Prestige Xclusive stores (earlier known as Prestige Smart Kitchen) across 340 cities pan India.

“With our foray into the luxury kitchen segment we are looking at an addressable market opportunity of ₹2,000 crore. While the average selling price is ₹1,500 – ₹2,000 at our Prestige Xclusive stores, it will be ₹10,000 plus in a Prestige Lifestyle store. The plan is to establish a strong footprint for Prestige Lifestyle stores in other select markets. In the first year, five new stores are scheduled for launch across India. Our second store will open in 15 days, on Tumkur road in Bengaluru,” Kalro told BusinessLine.

The Prestige Lifestyle store also offers free installation and smart EMI options for customers.

TTK Prestige Limited is part of the TTK Group. In April 2016, TTK Prestige launched ‘Prestige Clean Home’ a range of home cleaning solutions. The company also bought UK-based Horwood Homewares in the same month and launched the Judge Brand in India in August 2017.

Published on June 05, 2020
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