Faber India Aims for Growth with Kitchen Appliances
Sep 23, 2004
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Faber Heatcraft Industries Limited, the Indian venture of Italy-based Faber, has launched a major drive to market its kitchen appliances in Kerala, which has a 6-percent sales share in the country, Deep Ika Global reports.
Company Senior Vice President K. Hira said Faber was aiming for an 80-percent growth in sales and hoped to boost company profits to INR 700 million (approx. U.S. $15.2 million) this fiscal year, from INR 400 million (approx. $8.7 million) during the same period last year.
Faber announced plans to open 25 more mini-Faber exclusive galleries across India with an additional investment of INR 75 million (approx. $1.6 million), bringing the total number of galleries to 55 from the current 30 outlets.
Mr. Hira said Faber, which pioneered the Italian chimney concept in India, is confident of succeeding in its attempts at transforming the market for appliances like traditional chimney, designer chimneys, cooking ranges, built-in hobs, and stainless sinks from a lifestyle segment to an everyday necessity.
The company has identified India as a priority market for its products and its Italian parent company had decided to infuse the latest technology and research and development support as part of its Indian venture's market expansion program. (Deep Ika Global)
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