Prestige Clean Home, the fledgling division of TTK Prestige, unveiled the world’s first electric mop and a new range of water purifiers. The range of home cleaning solutions is expected to contribute 8-10 per cent to the company’s topline over the next three years, fuelled by new product launches. T.T. Jagannathan, Executive Chairman, TTK Prestige Limited, speaks to Indian Retailer during the launch of the products recently.
Prestige has been a pioneer in kitchenware products. What was the idea behind entering launching Clean Home products?
In April last year, we first announced that TTK Prestige will bring out home range products. In a span of one year we have launched more than 50 products and the latest being Hero mop- World’s first electric mop, particularly designed to meet the needs of a homemaker. Along with the mop, we are also launching ‘Tattva’, a new range of water purifiers. Although we are entering into this segment late, we have brought modern technology to meet the traditional ways of drinking water. And the whole idea behind launching the Hero mop sprang from the realization even though we clean our houses we only spread dirt, but not really clean it. I saw my grandchildren lick off the floor and I knew the floor wasn’t clean. Hence, the product aims to clean all sorts of floors clean.
The Hero mop seems to be made for sophisticated, urban crowd. Who is your target audience?
True, it seems like a product which is easy to handle for the urban population. We are looking at steady sales of this product mainly in urban and tier I cities.
If the product is for the urban population, how do you plan to enter these homes, which mostly have working couples and may not have time to use the product?
Honestly, we don’t know too. When the product was conceptualized and when our R&D team worked on it, we thought there was a need for such a product in the market. We will now have to see how the market will open for this product.
What are your fiscal targets?
We are expecting a slow growth for this product and we believe only word of mouth can enhance sales. We believe the Clean Home products will contribute to about 8-10% of the top-line of TTK Prestige in the next three years. As per our targets, we hope to be Rs 5,000 crore company very soon.
Are you considering franchising model for expansion?
We are looking at distribution of Clean Home products in 8 major cities. We are not aggressively launching the product now and will look at franchising in the future. For now, we are looking at slow growth. The products will be available at all supermarkets, online platforms and retail outlets.
What are your expansion plans?
TTK Prestige will continue to focus on the Clean Home range for the next years. We have decided not to enter fans and geysers as the market is overcrowded. Our innovation and R&D will be focused on improving the Clean Home range of products.