Kitchenware brand Wonderchef is eyeing a 23 percent growth in revenue at Rs 400 crore in 2021-22 as compared to the previous year due to an increase in the up-gradation of cookware following the pandemic, a top company executive said.
"The COVID-19 related disruptions forced many people to enter their kitchen where they found the need to upgrade their cookware. This increased the demand for Wonderchef products. Looking at the growth momentum, we expect to touch Rs 400 crore revenue in this financial year compared to Rs 325 crore during 2019-20," Ravi Saxena, Founder, and Managing Director, Wonderchef was quoted as saying.
With more and more young people entering the kitchen following the pandemic, there was a growth in demand for stylish, modern, healthy, and convenient cooking appliances, which will drive the demand and help Wonderchef become a Rs 1,000 crore company in the next five years, he said.
The company, which manufactures its products through 65 vendors in India as well as overseas, is also targeting to increase its market share in the country to 10 percent in the organized kitchenware segment in the next five years, he said.
Wonderchef enjoys a 6 percent market share in the organized kitchenware segment, which is around Rs 8,000 crore (excluding microwave and refrigerator) and is growing at 10 percent annually, he noted.
The company, which mainly targets the fit and the young, and manufactures mass premium products, also announced that it has roped in Bollywood actor Kriti Sanon as its brand ambassador.
"The engagement with Sanon will amplify our efforts to create more awareness about healthy cooking and capture wider demography. Taking Sanon as our brand ambassador was a natural choice for us because she is a self-made independent person with a mix of modern and traditional values.
"The vividness of her persona and the finesse with which she connects with the audience make her the ideal choice for strengthening our brand positioning," Saxena explained.
Wonderchef, which began its journey in 2009, uses Omni distribution channels including telemarketing, e-commerce, retail partners, exclusive brick-and-mortar showrooms as well as direct selling through 45,000-50,000 women entrepreneurs.
Saxena said Wonderchef is planning to increase its number of exclusive brick-and-mortar showrooms from the current 25 to over 100 across the country in the next five years.
About 80 percent of Wonderchef's business is in India and the rest is overseas. The brand is present in around 20 countries and its top overseas markets are the US, UK, Australia, Mauritius, and the Middle East, he added.
"Besides our existing markets, which we will continue to strengthen, we are looking at foraying into neighboring countries and the South Asian nations," he added.