Bengaluru, Nov 18
Panasonic Life Solutions India, which manufactures electrical construction materials, housing, and electronics technologies, on Friday, launched its latest modular kitchen range -I-Class Kitchen.
“There is a big gap in the modular kitchen market between the ₹4–8 lakh range, where people are willing to pay slightly more for quality products, and that is the category we will cater to through our I-Class Kitchen range. The design elements would be similar to those of our L-class kitchen; however, we will be locally manufacturing this range through an original design manufacturer in Gujarat,” said Dinesh Aggarwal, Joint Managing Director, of Panasonic Life Solutions India.
In 2018, it had launched a luxurious Panasonic L class kitchen range, which caters to the ticket size of ₹10 lakh and above range. Panasonic said that with its latest range, it estimates additional revenue of ₹25 crore in the next year. In FY22, Panasonic Homes and Lining generated ₹15 crore in revenue, and it anticipates ending FY23 with close to ₹40 crore.
Aggarwal told businessLine that the organized modular kitchen market in the country is around ₹2,300 crore, of which the organized luxury modular kitchen market is around ₹250–300 crore, and the company holds a 12 per cent market share. To ensure a greater market for its latest range, the company intends to increase its offline presence to 70 stores in 18 months. It currently operates 25 stores through a franchise model, he added.
“We believe the Indian market is the most important region for our overseas business. With the addition of the new product I-Class kitchen, we will strengthen our marketing activities with a view to further expanding our Indian business and establishing a brand for our residential equipment business,” said Yoshiyuki Kitazaki -Assistant Director of Kitchen Furniture, Bathroom and Sanitary Fittings Business Division of Panasonic Housing Solutions Co., Ltd.
Kitazaki added that going forward, the company will contribute to the realization of a more comfortable and secure society by proposing comfortable living spaces.