Miele India to get 50% sales from residential projs in 5 yrs

Written by PTI | New Delhi | Updated: Aug 15 2014, 15:10pm hrs
German high-end domestic appliances maker Miele today said it will focus on tier II markets in India, and within five years half of its revenue would come from luxury residential developmental projects.

"By the end of this year, we are planning to enter tier II places as Chandigarh, Jaipur, Raipur, Indore and Coimbatore," Miele India managing director Rana Pratap Singh told PTI.

However, he did not share the revenue figures.

The company will partner the luxury modular kitchen brands to showcase Miele range of built-in appliances in their shop floors at tier II cities, he added.

Presently, Miele has 40 point of sales and would expand it to 45 by the end of this year.

Moreover, the company is expecting that half of its revenue from the development business, where the real estate players would place its range of products in luxury apartments.

"In next five years, we are expecting 50 per cent of our earning would come from the developmental projects as the sector is picking up after the new government has come. In next 2 years, it would be 30 per cent," Singh added.

Presently, the developmental business forms 20 per cent of its sales, and the rest comes from retail.

The company is also strengthening its portfolio here and will launch a couple of models of washing machines by the end of this fiscal.

Next month, it will also introduce Fashion Master range of steam irons with heat resistant ironing boards with automatic fan settings.

The company, which forayed into the Indian market in 2009, caters to high-end consumers.

Its washing machine range starts from Rs 1.79 lakh, coffee machines at Rs 2.79 lakh, microwave ovens at Rs 1.69 lakh and dish washers at Rs 1.49 lakh.

In 2013, Miele had a global turnover of euros 3.22 billion.