Sony Corp., a Japanese firm, will now for the first time enter a new category of in-home lifestyle products exclusively for India. Company is betting high on this new card in order to save its sinking business. Recently, the Japanese company, which had a premium run across India, faced a really tough time globally. Its revenue slipped drastically that forced the company to exit from laptop segment and to enroll into the mid-segment smartphone business.
Sony India's revenue growth rate slowed in the past two financial years amid the global restructuring. The company scaled down its smartphone business to focus on the Rs 15,000-plus segment.
Revealing the information about the company’s recent step, one of the officials stated that the company has formed a separate team to develop the new category of in-home lifestyle products that will be made in India.
Apart from setting up a new team for its foray, the company has also chalked an idea of installing its manufacturing units in India to curb down its manufacturing and importing cost. Shedding some light on the move, Kenichiro Hibi, MD, Sony India said that Sony globally has a lot of patents and technologies in areas like semiconductors, which it wants to utilise to create and launch a new category for the Indian market.
Headquarters is helping the team to design and pen down the innovative ideas for the move. However, these products will not be traditional white goods or small appliances like refrigerators or ACs, but newer lifestyle products, he added.
Hibi said that Sony is studying the possibility of setting up its own factory in India, an option that's may become viable with the planned implementation of the goods and services tax.