Mehta noted that the company is also in discussions with contract manufacturers in India for domestic manufacturing
Consumer electronics brand AIWA expects its audio category to be about Rs 200 crore business in the country in the next two years, a senior company official said.
AIWA India Managing Director Ajay Mehta said the company is looking at building its Indian operations into a USD 1 billion business over the next five years as it brings in several products across categories such as audio, television, washing machines, refrigerators, air conditioners, and air purifiers.
The Japanese company, which re-entered the Indian market earlier this year, has launched a new range of ‘Luxury Acoustics’ speakers in the country. It is also celebrating its 70th year anniversary globally.
Mehta added that the company expects to close this fiscal with about Rs 100 crore in revenue this fiscal, which could grow four to five times next fiscal as it expands its product range in the country.
Keeping localization in mind, Mehta noted that the company is also in discussions with contract manufacturers in India for domestic manufacturing. He added that the company has earmarked about USD 10 million to be invested towards marketing and advertising for the next two years.
Talking about the new range of audio products, Mehta said with this launch, music enthusiasts and audiophiles across India are in for something really special.
“The series will deliver an amazing experience with an enhanced sound and Luxurious quality. Additionally, with the range, we expect to increase our market share significantly. The Indian market has always been very special to AIWA and with these devices, we hope to soon see AIWA as the ‘brand of choice’.
The new range will be available at Reliance Digital Stores, Amazon, and across key retail partners across India.
