Swedish consumer appliances firm Electrolux is targeting Rs 500 crore turnover from small appliances by fiscal 2017 as it expands products range in the country, says a PTI report.
"We are a new entrant in the domestic market. We have spent last one year in understanding the market and developing products for India. We are looking at Rs 500 crore turnover by FY 2016-17," Electrolux Kelvinator Small Appliances CEO Pramod K Khosla told PTI.
The company entered into small appliances category in India in October 2013 with the launch of select products under its powerbrand 'Kelvinator'.
"In this financial year, our first year of operation, we are expecting Rs 100 crore turnover," he added.
Electrolux, which started operation for its small appliances business in India with water heaters, air coolers and tower fans, is in process of expanding products range by launching kettles, toasters, food processors and rice cookers by end of this fiscal.
"By the end of this year our portfolio of appliances will be complete. But going forward, we will continue to add and refresh products in the market."
"We also plan to introduce gas stoves and induction cook-tops by next year," he added.
Currently, branded small domestic appliances market, which includes mixers, irons, air coolers, water heaters, tower fans among others, is estimated at around Rs 6,500 crore.
After completing its product portfolio, the company will also go in mass media advertising, which includes advertisements on televisions, for its products.
"Next financial year, we will go in for mass media advertising. We will spend up to 10 per cent of turnover on mass media advertising," Khosla said.
Electrolux also sells air-conditioners, refrigerators, microwave ovens and washing machines in India under the Electrolux and Kelvinator labels.