Electrolux Kelvinator hopes to turn around by December next year following the success of its restructuring and rightsizing exercise.
“We will go black by December 2005,” said MD and CEO Rajeev Karwal. “Last year, the company went through a restructuring process. This year, we will concentrate on repositioning our brand with a new product strategy. A number of products will be added in the existing categories and some new categories would be introduced.”
Electrolux Kelvinator had suffered a net loss of Rs 25.2 crore in the first six months of 2003 and had cut jobs at its refrigerator manufacturing units from 3,600 to 1,570.
A new promotional campaign will be unveiled in phases to develop brand communication with the consumer.
Karwal was in the city to launch the company’s ‘Nutrition’ brand of microwaves. The company is introducing four models ranging from Rs 8,590 to Rs 12,990 in the solo, grill and convection segments.
“Microwaves have grown 25 per cent last year with total sales of 3 lakh units. A similar growth is expected this year,” he said. The company hopes to capture 5 per cent market share by the end of the year and take the top slot in the next three to four years. It plans to foray into airconditioners by next month. However, Karwal refused to divulge details. At present, Electrolux Kelvinator has a 14 per cent share in the refrigerator market and an 11 per cent share in the washing machine segment.