TTK Prestige, India’s largest kitchen appliances maker, on Tuesday said it would launch its products in European markets later this year. The company would launch its products through Horwood Homewares, a company it acquired in the UK recently, a top company official said.
“We are planning to launch our kitchen appliances in the European markets under the Horwood brand. European market is very huge and we would like to explore it through our recent acquisition of Horwood,” Chandru Kalro, managing director, TTK Prestige told FE.
Earlier, this month, TTK Prestige acquired UK’s largest table and cookware supplier Horwood Homewares as part of its global expansion strategy. This acquisition has enabled TTK Prestige get access to key European markets as Horwood has over 1,000 retailers in its network. The company will export its wide range of kitchenware to key high value European markets later this year.
“The team of Horwood is coming to India very soon to discuss with us the next strategy. We will work out a detailed export plan very soon,” Kalro said.
TTK Prestige, on Wednesday, announced its foray into the home cleaning products market in India. The size of home cleaning products market is pegged at R2,500 crore and is growing at over 15-20% annually. The products are currently piloted in Bengaluru, Chennai and Delhi.
The new initiative, being launched under Prestige Clean Home banner will feature a slew of products including electric mop, vacuum cleaner cum floor polisher and an all-purpose steam cleaner. The new initiative is expected to contribute 5% of the revenues in 2016-17, TT Jagannathan, chairman, TTK Prestige said after launching its products. For the year ended March 2015, the company reported R1,338 crore revenues.
“This is our first step outside the kitchen. We are looking at making a significant value addition to home makers, with our home cleaning products,” Jagannathan said.
The home cleaning range will be retailed through more than 50,000 retail outlets, including 571 Smart Kitchen outlets across the country. The company will also sell through e-commerce channels including its own website, Kalro added.