The Rs 180-crore TTK Prestige, the No. 1 kitchenware brand, has announced its entry into the modular kitchen segment on Friday. The company is also all set to lure the women of today by announcing its foray into the Delhi market with Prestige Smart Kitchen stores, the branded retail outlets from the TTK Prestige stable. The Delhi showrooms will be opened at Kamala Nagar and Karol Bagh on Saturday.
The company has already 41 Smart Kitchen outlets across the country, mainly in the South and Western markets. By the end of the fiscal, the company will open seven more such outlets and has plans to take it to 100 by the end of the next fiscal.
On the pricing factor, Chandru Kalro, Executive Vice President, Marketing, TTK Prestige, said the modular kitchens have been affordably priced at Rs 70,000 and upwards. "We believe in reaching out to the maximum number of consumers by keeping our prices affordable and by delivering our products on time," he said. Other brands are taking two-three months time to deliver the product.
The domestic modular kitchen mart is Rs 1,000 crore, but the penetration level is below one per cent only. The booming housing mart is driving this growth, said Kalro.
On the promotional and marketing strategy for modular kitchens, Kalro said, "We will be looking into direct marketing as well as institutional marketing, including alliances with builders." TTK Prestige has been clocking 30 per cent growth for the past two fiscals, and is aiming to maintain this growth momentum during the next fiscal too.
On the sales contribution from Smart Kitchens, S Ravichandran, MD, TTK Prestige, said, "In all those markets where we have Smart Kitchen outlets, over 50 percent of the sales come from these outlets, barring Chennai. However, 92 per cent of the total sales still come from the traditional trade."
To tap the potential market, TTK Prestige, which has a market size of nearly Rs 180 crore in the Rs 3,500-crore kitchen appliances market, is making all attempts to provide a fabulous brand experience through their range of products, services and their ambience. Of this only 40 per cent market is in the organised/branded sector.
The other range of products launched by the company, included Prestige Deluxe, Prestige Deluxe Pressure Handi, Prestige Omega Select and Prestige Stainless Steel Deluxe. The company aims to be a cut above the rest through its attempt to redefine kitchen appliances retailing by setting new benchmarks from simply talking to consumers. "We are not a niche brand, our main aim is to cater to the masses," Kalro said. The modular kitchens will be a store of ideas with a whole range of contemporary products, he added.