Daewoo, the internationally acclaimed brand under the umbrella of South Korea's powerhouse conglomerate, Posco Daewoo, is strategically positioning itself for a grand entrance into India's dynamic market. This strategic masterstroke is set to ride the wave of India's robust economic growth and skyrocketing consumer demand, cementing its place as one of the world's most promising consumer frontiers.
Operating in 110 countries and counting, Daewoo has now extended its global reach into India through an exciting brand licensing partnership, bringing a new era of excellence to the subcontinent. Get ready to witness the fusion of global legacy and Indian promise as Daewoo takes center stage in the heart of this bustling market!
Unlike its previous foray in the Indian market, where the company was selling cars such as the popular Cielo and Matiz, it will now advance into the energy and battery, electronics and e-bikes segments in the near future. For its re-entry, the company has entered a brand licensing partnership with home-grown Kelwon Electronics and Appliances Private Limited.
Chan Ryu, Director, Daewoo India Operations, said to Indian Retailer, “Today, India is the most important economy in the world. The rapid growth of the Indian market serves as the primary motivation for their decision to enter this dynamic landscape. India is booming and we don’t want to lose this kind of market. We are now looking forward to making a new brand story, along with Kelwon.”
Asked about the investments the company would make in India, he said that the comeback will be through brand licensing and Daewoo will not making investments in the country. "In our initial stage, we are introducing a range of Power & Energy products, encompassing batteries for both four-wheelers and two-wheelers, as well as inverter and solar batteries. Additionally, we will offer a variety of HUPS inverters and UPS systems designed for both online and offline applications, featuring wall-mounted options with integrated lithium batteries. Furthermore, we are set to launch high-capacity Voltage Stabilizers ranging from 0.5 KVA to 5 KVA to ensure optimal protection for your electrical devices" added Ryu.
In the coming year, there will be a plethora of cutting-edge products as Daewoo will extend its consumer durables portfolio. With an exciting array of offerings on the horizon, including air purifiers, LED televisions, audio speakers, water purifiers, smart fans, air coolers, home automation systems, and an all-encompassing assortment of small home and kitchen appliances, the brand is set to redefine lifestyle in the country.
But that's not all! In a visionary leap, within the next three years, Daewoo has its sights set on revolutionizing mobility in the Indian market with a remarkable lineup of e-bikes and e-cycles. Kelwon, led by H. S. Bhatia, a well-known figure in the Indian consumer market, has been chosen as the exclusive brand licensee for Daewoo in India. This alliance capitalizes on Bhatia's extensive industry knowledge and aims to introduce the global brand’s innovative technology led innovative products to the Indian market. This collaboration underlines Daewoo's dedication to becoming a household name in India while also supporting local manufacturing efforts.
Ryu further highlighted that this new partnership marked the beginning of a new chapter for Posco Daewoo in India. He also emphasized India's emergence as a global manufacturing hub and Daewoo's intent to seize this opportunity by collaborating with an Indian partner who possesses substantial experience and capabilities in the manufacturing, marketing, and sales of its products in India.
H.S. Bhatia, Managing Director, Kelwon Electronics & Appliances Pvt. Ltd., added that the partnership was a long-term and will be the cornerstone of Kelwon Electronics’ sustained growth. He elaborated, “Emerging sectors such as energy and power, consumer electronics, and, most notably, E-Bikes, will play a pivotal role in driving India in becoming the third largest economy in the world.” He also added that the products will be made in India as Kelwon Electronics is associating with local manufacturers.
When asked about the investment plans, he added, “Being the manufacturing and marketing partner, we will be provided with the brand guidelines, technology transfer, and other innovations by Daewoo. The entire investment will be made by our company. We are planning to put in over Rs 300 crore towards business expansion, marketing, product development, R&D, over a period of three years.”
For now, both the partners were not looking at numbers, but are keen to establish a brand recall among the younger generation.