TTK Prestige Limited, a part of the Rs 1,100-crore TTK Group, has bagged the Superbrand title in the kitchen appliances category. The company attributes the title to efforts in the last three years in strengthening the brand, and moving from being a ‘pressure cooker and cookware company’ to a diversified kitchen appliances company.
The company has registered 30 per cent year-on-year growth for the last three years in the domestic market. Hoping to maintain this growth figure, the company, which today reaches 2.4 million households each year (in India), is looking at taking this figure to over 3 million in the coming 12 months.
Commenting on the status of Superbrand, T. T. Jagannathan, Chairman, TTK Group, said, “The journey from the first manufacturing plant in 1959 to a Superbrand has been enriching and rewarding. In a way, Prestige has been responsible for changing cooking habits in India. Through its comprehensive product offerings, it is present across multiple zones in Indian kitchens today. We hope to be the country’s only ‘total kitchen solutions’ provider in the near future.”
TTK Prestige has announced plans to take its lead in the kitchen appliances category further with a multi-pronged strategy. On the cards is expansion of its retail initiative by adding 100 more stores in the coming 12 months, and the launch of two new formats of retail stores -- a lifestyle format kitchen solution store for its modular kitchens and high-end appliances, and a rural store to tap the fast emerging rural marketplace.
The company would also launch new products in the lifestyle category through international sourcing and strategic tie-ups, and attempt to ‘dominate’ the North and East India markets through its new lead product – Prestige Nakshatra – an inner-fitting lid pressure cooker.
S Ravichandran, MD, TTK Prestige, said, “The present market scenario is very challenging and highly competitive. The growth rate is low and the industry faces issues like declining brand loyalty and demands continuous innovations in products. In such a scenario, being voted the best brand by the consumer is a huge compliment and showcases our commitment to our consumers.”
A proposed Rs 50-crore spend on advertising has also been envisaged. TTK Prestige will also invest in the latest technologies in logistics and systems, and a complete ERP implementation across company’s operations.
“The Indian housewife is constantly changing her lifestyle and aspirations. Indian kitchens are moving from being closed to open kitchens. We propose to constantly evolve along with her and take all strategic steps to be on top of her mind for all her needs in the kitchen,” stated Chandru Kalro, EVP - Marketing.
Also on the agenda is a scale-up of manufacturing to keep pace with demand.
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