Industry News

Vitek, an Austrian Home Appliance Brand, enters into Indian Market Space

 An international home appliance brand, Vitek, has entered into Indian market and launched various products selected for specifically Indian Market.

Vitek, in India, will be selling close to forty different products out of its portfolio of 650 products. These forty products would include kitchen appliances, garment steamer, room heaters and vacuum cleaners.

Vitek has entered into an agreement with SPG India Pvt. Ltd., which will own and market Vitek brand in India. The company wants to position Vitek as a premium brand and is planning to spend $10 million on marketing and setting up distribution channels.

According to SPG India, Vitek will do a business of around INR50 crore in the first year of operations and they are eyeing on a turnover of around INR300 crore and at least 10% market share in the premium market segment.

Apart from e-commerce sales, Vitek will sell its products through 1,000 dealers in coming 6-8 months covering almost top 20 cities from North and West parts of India.

According to TechSci Research, with improving living standards, expanding middle class population and growing number of nuclear families, the demand for electric kitchen appliances in India is increasing. There are certain other factors which contributes to market of home appliance market in India such as increasing working population, especially women; rising per capita disposable income and expanding retail formats such as supermarkets, convenience stores and hypermarkets across the country.

According to a report published by TechSci Research, India Electric Kitchen Appliances Market Forecast And pportunities, 2020the electric kitchen appliances market in India is projected to grow at a CAGR of more than 29% during 2015 – 2020.

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