Following its successful association with IIFA Awards (International Indian Film Academy Awards), Electrolux Kelvinator Ltd. has decided to develop cricket and movies as two long-term properties to drive corporate image. The company is expected to institutionalise a major participation in cricketing activities by mid-April 2002.
The company is also readying to launch an indigenously developed range of frost-free refrigerators in the second half of 2002. This would be complemented by two new model launches with two variants in sub-300 litre frost-free category.
Electrolux Kelvinator, which is a subsidiary of Swedish consumer durable MNC, hopes to post a turnover of around Rs 750 crore-Rs 800 crore in fiscal 2002-03. The advertising and promotion (A&P) expenditure for fiscal 2002-03 is expected to be budgeted around Rs 50 crore.
The association with IIFA Awards — which are staged outside India in exotic locations — has reinforced the corporation’s image as a global company among the Indian audience.
The company is also aiming at a ‘‘quantum jump’’ in washing machine sales. It is targeting to take its marketshare to 10 per cent by the year-end up from five per cent of the 1.1 million washing machine units a year market currently.
While Washy Talky model will be an image-driver, the company is betting on newly launched Libra to provide volumes. The sub-brand Digitron, an electronic semi-automatic washing machine is expected to account for a bulk of sales (around 40 per cent).
Currently, washing machines account for 15 per cent of the company’s turnover and refrigerators around 75 per cent.
Source: Financial Express