Speaking on the sidelines of launching of the new products Philips India, President Consumer Lifestyle (Indian Subcontinent) ADA Ratnam said it is looking at posting a double digit growth in its consumer lifestyle segment this fiscal year by adopting new business strategies.
"Philips Consumer Lifestyle has posted a strong double digit growth in past seven months and we intend to maintain it," said Ratnam.
"We are changing our market strategy and the focus is on to go to the market. We are also targeting tier II and tier III cities for some of our products," he added.
The company is adopting strategies like adding product portfolio through creation of new categories, exploring markets, strengthening retail trade and targeting tier II and tier III cities for enhancing business.
Commenting on the company's strategy of creating new categories, he said: "In the last three to four months, we have introduced a lot of products at a quick pace. We are introducing products more relevant to the new generation".
The company had introduced new domestic appliances like coffee making machines, induction cook-tops, AirFryer apart from products in personal care category like AquaTouch (dry and wet shaver), BodyGroom (a bodygroomer for men) and intelligent styling range for women.
Philips India is a subsidiary of the Netherlands-based Royal Philips Electronics, a company with strong presence in healthcare, lighting and consumer lifestyle markets.
Source- Finacialexpress
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