Finally after the long stint of 50 years of serving the market with its innovative cookware range, Vinod Cookware is venturing into exclusive retail. The brand is poised to launch five stores yet experince zone across major metros to tier II cities while exponentially increasing the reach of the brand across the length and breadth of the country.With this foray, the brand is aimimg to postulate its image as a young and urban Indians brand. It is furher planning to offer seamless omni-channel experiemce to the customers along with aiming to balance the retail expansion across the verticals and shall add 200 more touch points. The company is expecting this addition of its retail footprints could add 10 percent to its existing total revenue of Rs 300cr. Thus revealing the brands future plans Sunil Agarwal, Director, Vinod Cookware spoke to Indianretailer.com
Tell us about your plan for launching your own exclusive stores?
In terms of sales, retail is a big business for us. After being present at several touch points, we are poised to open our own experience zone while exponentially increasing the reach of the brand across the length and breadth of the country. Our stores aim to satisfy the style and quality conscious urban Indian home owners.
We aim to launch 5 stores by 2019, with the key objective to define ‘What’s not seen outside – goes inside’.With the expansion to metros and tier II cities we will position Vinod Cookware as a brand for young and urban Indians. Apart from color and styling of the products, Indian cooking is versatile wherein our products adapts to your relevant lifestyle.
After the long stint of serving the market with cookware range what led you finally coming out of the skin of it and venture into exclusive retail?
Enjoying the strongest brand recognition among consumers, we felt venturing into exclusive retail will help us bring the brand experience to the young urban Indians. The popularity which the brand enjoys today will be encapsulated through the physical exclusive retail. The store would define the essence of the brand at its best to all its customer and this would bring the new generation to Vinod.
With over 400 products across 5 catgories, Vinod Cookware is available in all cities. Today’s customer is a 100 percent omni- channel customer, who looks for convenience of being able to shop which ever way is most convienent, be it online or offline; and we make sure we are the part of the mapping.
Will it be a company owned or franchisee-runstores?
We aim to have it company owned but at the same time also are open to the franchisee – run operation, however associating with the right partners.
What could be the investment?
Our own exclusive stores implies high costs, especially if the store locations are high end. We are still working on few back end plug ins, and won’t be able to share the details at the moment.
For the next two to three years what would be retail expansion plan?
Our business model has authorised dealers, authorised redistribution dealers, modern trade, exclusive franchised brand stores, e-commerce etc. For the next 3 years we aim to balance the retail expansion across the verticals and shall add 200 more touch points.
How much these stores will contribute to your total revenue?
We are looking at 10 percent revenue, coz in the initial years, we too shall have our own set of challenges.
According to you what are the factors driving the cookware retail market in India?
Due to high degree of urbanization, proliferation of nuclear families and technological advancement, there have been far-reaching changes in the nature of cookware products. In India, globalization has also brought about significant changes in cooking, serving and dining habits. Hence there is a symbolic advancement in consumer preference, choice and taste. India is also witnessing a major shift in buyer or consumer base for the products. It is no more restricted to women.
Consumers these days understand cookware-kitchens much better. With the vast exposure and focus on Indian kitchens through Indian reality shows, consumers have built high level of awareness and understanding on the subject. Moreover, health has evolved as an active segment, which is also our focus and holds immense potential. One can expect tremendous growth in this segment in the years to come. Our vision is to introduce the most advanced kitchenware suiting the style and needs of modern day lifestyle.
What is the current size of cookware retail market in India?
The cookware retail market is estimated at around 10 perrcent of CAGR growth until the end of 2018. Organized players, dominating the market have accounted an overall promising share of 30 percent in the market. On the other hand, the rural population has also resulted in a significant share when it comes to consumers’ cookware demands.
What is your current revenue and future projections?
We at Vinod Cookware have roughly captured 12 percent of the total market in India and are targeting a steady growth. We are a proud debt-free company with the annual revenue of Rs 300 cr.