The UK small appliances major Morphy Richards making its re-entry into the country launched its range of premium appliances yesterday. The brand will be marketed and serviced by Bajaj Electricals Ltd (BEL). Through this strategic alliance, BEL aims to tap the estimated Rs 100-crore premium-end of the small domestic appliances market in the country.
According to sources, BEL will pay a royalty for the purpose to the UK company. The products, which include steam irons, coffee makers, toasters and food processors will be targeted at the premium-end market. Initially, most of the products are to be imported.
According to industry analysts, with the prevailing changes in lifestyles and aspirations of Indian consumers, the home appliances market is set to grow around 12.5 per cent by 2005-06."
Morphy Richards were present in India in early eighties but the arrangement did not work out for them then. This re-entry has been made keeping in mind the growth opportunities the Indian market offers. Meanwhile, with strategies in place, Bajaj Electricals, is looking at becoming a Rs 500-crore company this fiscal.