California-based television firm Vu Technologies is looking at a sales growth of 80 per cent this year to clock revenue of Rs 500 crore on the back of enhanced presence and growth in online format in the country.
The company, which has 20 branded stores in leading metros, is planning to expand in tier II and III cities by adding 30 outlets by the end of December.
“We have grown to Rs 275 crore this fiscal from Rs 96 crore and now our target for next fiscal (2016-17) is Rs 500 crore,” Vu Technologies CEO and Design Head Devita Saraf told PTI.
She further added: “The online channel contributed 70 per cent of our sales and rest 30 per cent is from offline.”
As part of retail sales expansion, the company is planning to open four stores in Mumbai, besides new stores in Delhi-NCR and in some other metros and new cities.
Vu Technologies today launched a new range of PremiumSmart TV, powered by Quad-Core Internet Video Processor to tab the segment going for on-demand video content and gaming centre.
The range, which starts from Rs 20,000 to Rs 50,000 in four different screen sizes would be available exclusively on its online partner Flipkart, besides VU stores.
Flipkart Head Large Appliances Amit Bansal said: “Since its launch, Vu has dominated LED and smart television segment by offering customers world-class technology and design at affordable price points.”
When asked whether Vu Technologies would foray enter tablets and mobile handsets, Saraf said: “We would concentrate on display space.”
The firm also plans to expand capacity of its assembling unit situated at Bhiwandi, Maharashtra to meet growing demand.
Vu Technologies imports its 100 per cent components used for panel manufacturing from countries such as China, Taiwan, South Korea and Japan and assembles at Bhiwandi.
The company, which spends 10 per cent of its revenue on branding/marketing, would launch its TV commercial this year.
It has plans to spend 50 per cent of its total investment on branding/marketing on digital platforms.