Godrej Appliances has announced its foray into the Rs 1,000-crore super premium home appliances market through the launch of the new brand NXW (Next World).
“We were operating in the mass premium segment till now. Through NXW, we are now tapping the 350-litre plus segment. The super premium segment is around Rs 1,000 crore currently and we are targeting a 15 per cent market share over the next three years,” said Kamal Nandi, business head and executive vice president, Godrej Appliances.
NXW will be launched across all the series of appliances in the future, including air conditioners, washing machines and microwave ovens, Nandi added. The super premium segment is currently dominated by multinational companies in India, including LG, Samsung, and Whirlpool. Godrej Appliances has a total installed capacity of three million units at its two plants — one at Mohali and another at Pune.
As far as the turnover for Godrej Appliances is concerned, Nandi said the company is eyeing a 30 per cent growth this fiscal. “Our turnover last year was Rs 2,750 crore. We are eyeing a 30 per cent turnover growth in FY16, which means that our turnover should be around Rs 3,500 crore by FY16-end,” Nandi said.