Japanese electronics brand AIWA launched a new range of ‘luxury acoustics’ speakers and said that the company expects that its audio category will give the company Rs 200 worth of business in the country in the next two years.
The company is celebrating its 70th anniversary globally and aims to build the Indian operations into a US$ 1 billion business over the next five years while expanding into newer product categories and ramping up its presence in the country.
Ajay Mehta, Managing Director, AIWA India said, “The company expects to close this fiscal with about Rs 100 crore in revenue this fiscal, which could grow 4x-5x next fiscal as it expands its product range in the country. AIWA is also in discussions with contract manufacturers in India for local manufacturing.”
Talking about the new range of audio products, Mehta said with this launch, music enthusiasts and audiophiles across India are in for something really special.
“The series will deliver an amazing experience with an enhanced sound and Luxurious quality. Additionally, with the range, we expect to increase our market share significantly. The Indian market has always been very special to AIWA and with these devices, we hope to soon see AIWA as the 'brand of choice',” he added.
The new range will be available at Reliance Digital Stores, Amazon, and across key retail partners across India.
He added that the company has earmarked about US$ 10 million to be invested towards marketing and advertising for the next two years.