Haier Appliances India is eyeing 35-40 per cent growth this festival season while strengthening its premiumisation play. The company on Wednesday launched new premium products, including the M3 Series washing machine, which offers Triple Drum with AI Multi Wash, and the In-Vista five-door built-in refrigerator.
Premium segment contributes 30-35% to business
NS Satish, CEO, Haier Appliances India told businessline, “ The premium segment currently contributes 30-35 per cent to our business and is witnessing a strong growth trajectory. As a challenger brand in the country, our endeavour is to reimagine what premium products can deliver. We are seeing consumers are willing to upgrade and pay for the right value propositions. So we want to focus on developing products that enable us to create new sub segments within the premium category.”
The consumer durable major also launched the M96 and M70 mini LED Series and its extended line-up models. Other launches included its Velox Water Heaters range, along with a strategic entry into the kitchen space with the Halo Chimney range. “ As consumers increasingly seek homes that combine sophistication, convenience and intelligent functionality, our focus is to introduce innovations that offer a differentiated proposition,” he added.
Company expects 35-40% value growth this festival season
On early festival demand trends, Satish said the company is seeing strong demand across regions, led by the premium segment. “ We are expecting to garner 35-40 per cent value growth year-on-year and over 30 per cent volume growth this festival season. The premium segments are witnessing stronger growth across categories supported by attractive financing schemes,” he added.
Price hikes yet to reflect full cost pressures
Responding to a query on the impact of the recent price hikes taken by the industry, Satish said, “Brands still have not passed on the full impact of the cost pressures that the industry has been facing due to the ongoing geopolitical situation. Demand for the premium segment remains strong.”
He noted that the launch of the Halo Chimney range marks the brand’s entry into a new category that remains under-penetrated and offers huge growth potential.