BENGALURU: India’s largest kitchen appliances maker TTK Prestige Ltd on Tuesday said, it plans to launch its products in the European markets later this year. The company would launch its products through a company it acquired in the UK recently, Horwood Homewares Ltd, a top company official said.
“We will launch our kitchen appliances in Europe under the Horwood brand. European market is very huge and we would like to enter it through our recent acquisition of Horwood,” Chandru Kalro, Managing Director, TTK Prestige Ltd, said. Earlier this month, TTK Prestige Limited acquired the UK’s largest table and cookware supplier Horwood Homewares Ltd as part of its global expansion strategy.
The acquisition has allowed TTK Prestige gain access to key European markets as Horwood has over 1,000 retailers in its network. The company will export its kitchenware to key European markets later this year.
“The team of Horwood will visit India to discuss the next strategy. We will work on a detailed export plan soon,” Kalro said.
TTK Prestige, on Wednesday also announced its foray into the home cleaning products market in India. The size of home cleaning products market which is estimated around Rs 2,500 crore, is growing over 15-20% annually. The products are currently being piloted in Bengaluru, Chennai and Delhi.
The launch under the ‘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 initiative is expected to contribute about 5 per cent to the revenues of the company in 2016-17, T T Jagannathan, Chairman, TTK Prestige, said at the launch of the products. For the year-ended March 2015, the company had reported Rs 1,338 crore revenues.
“This is our first step outside the kitchen. We are looking to make a significant value addition to home makers, with our home cleaning products,” he said.
Over 50,000 retail outlets are expected to stock the range. This includes the 571 Smart Kitchen outlets across the country. The company could also sell the products via e-commerce channels, including its own website, Kalro said.