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New Delhi: Consumer durable firm Haier Appliances India is eyeing a value growth of 25 to 30 per cent this Diwali season, which is two times that of the expected market growth, on the back of new category innovations and a larger scope of growth owing to its positioning as a challenger brand in the industry, said Satish NS, President, Haier Appliances India.
The industry is projected to record an overall growth of 30 to 35 per cent and around 12 to 14 per cent by the value this festive season, he added.
NS further shared that the company aims to grab the number three position in the consumer durables industry with a market share of 14 per cent by the end of this calendar year. The company was pegged at 12 per cent market share at the beginning of this year.
In terms of revenue growth, he said that the retailer has closed H1 with 47 per cent growth over last year.
Commenting on the impact of inflation, he highlighted that the middle and premium segments have not been affected much. However, inflation has impacted entry-level customers and as a result, the brand is seeing sluggish demand at entry points.
NS defined products priced till Rs 15,000 as entry-level while those marked till Rs 25,000 to Rs 30,000 as mid-range. Further, any product which costs more than Rs 30,000 is categorised as a premium.
The company has taken price increases of about 10 per cent, he shared, adding that for the overall industry the price hikes have been close to 7 to 8 per cent. Going forward, NS does not expect any price rises in the next quarter despite the ongoing dollar fluctuations, as stabilising commodity prices will offset any price increases.
Speaking of supply chain related concerns, he said that the company is not feeling the heat currently as most of the material for the season has been ordered earlier. He further highlighted that the European markets are not doing well. Consequently, with lower demand on one side, the demands here are being met steadily.
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