Chennai-based Preethi Kitchen Appliances, a wholly-owned subsidiary of the electronics company Philips, will focus on increasing exports and raising its market share in the southern region.
The company has products in 14 categories and almost 75 per cent of its sales come from mixer and grinder segment. Speaking at the launch of new range of mixer Zodiac, Rupendra Yadav, Chief Executive Officer, said the company will concentrate on promoting products other than its flagship segment mixer and grinder and expect to get equal business from mixer grinder and other segments in the next 4-5 years.
Kitchen appliances account for about ₹2,700 crore in the South and Preethi has a market share of 28 per cent.
The company registered a growth of 11.5 per cent last fiscal. Yadav said the company will invest in research and development, as innovation is the key for growth.
Yadav said, “Exports is another focus area.” Currently 5-7 per cent of the company’s total revenue comes from exports and it will expand to areas where there is a strong South Indian population. The company exports to the US, Canada, Singapore, West Asia, Sri Lanka and Bangladesh.
“Since Preethi as a brand is strong in the South, we will go for markets that have a strong south Indian population,” Yadav added. Philips, the parent company, will help with the technology know-how and with the distribution network while expanding overseas.