AIWA re-entered the Indian market after a span of 18 years earlier this year and is looking to introduce a line of luxury Hi-Fi speakers in September
Targeting sales of one billion dollars in the next five years, Japanese consumer electronics brand AIWA is expanding its product portfolio and retail footprints in India.
“These are steps towards our aim to go for a one billion dollar topline business in India in next five years,” AIWA India Managing Director Ajay Mehta told news agency PTI.
According to the company, presently it is in a setup mode and expects sales of around Rs 100 crore in this calendar year.
Mehta added that the company is quite encouraged after getting a good response from the customers in its second innings as the brand is very “recognisable” here.
“We are very encouraged by the response we are getting from consumers,” he said, adding “we hope now with the direct presence of AIWA India… we will be able to resolve any issues and will be able to achieve the desired dream of a billion-dollar topline.”
AIWA re-entered the Indian market after a span of 18 years earlier this year and is looking to introduce a line of luxury Hi-Fi speakers in September, followed by air-purifiers and TV panels by the end of this year.
As per its strategy, AIWA will offer products having a Japanese legacy at a reasonable price instead of competing with rivals by lowering prices.
The company has plans to get its TV manufactured in India, while the audio products and others are imported from its global factories, Mehta added.
AIWA has partnered with Amazon for its online and Reliance Digital for offline sales and is now expanding to other channels also.
“AIWA is available online on Amazon and through Reliance Digital stores, 200 stores across India, we have started selling in general trade from July onwards. We are also talking with Croma,” Mehta added.
Besides, in the long term, AIWA has also planned to introduce several other products including compressor-based cooling products into the domestic market.
The company launched a full line of personal audio products in April this year, and received a good response.