Hindware expands presence in Hyd

Hyderabad: Hindware Smart Appliances, a consumer appliance brand from Gurugram-based Hindware Home Innovation Ltd, on Thursday, announced the opening of three new kitchen galleries in the city. For the Indian market, the company plans to have presence in 250 stores by end of FY 2023, through retailers and channel partners, for which Hindware has earmarked an investment of nearly Rs 20 crore.

With the new kitchen galleries that have come up at Kokapet, Medchal and Troop Bazaar, Hindware Smart appliances has presence in total 19 offline stores in the city. Currently, the company has a network of 2,000 retailers and 70 distribution partners in Telangana. Catering to the Indian smart appliance market, Hindware has 170 exclusive kitchen galleries and a distribution network of 1300 distributors and over 1,000 retailers.

"Hyderabad's customers have a preference for silent chimneys and sleek cooktops. We believe this city has untapped potential in the smart appliance market. Hence, we will continue to invest in this market," said Rakesh Kaul, CEO of HHIL.

Hindware partners exclusively with MSME's in the front of manufacturing their products. While their product lines of fans are currently manufactured around Hyderabad, Kaul informed that the kitchen appliances manufacturing plant will also be set up near the city by next year. Speaking about the expectation of demand for consumer appliances in this festive season, the CEO is bullish in regard with Hindware's kitchen products but, in an industry perspective he said the demand is muted due to an increase in cost of raw materials. "We expect a double digit growth through our smart appliances, however the market as a whole in this specific industry would witness a slump in sales, the reason being an increase in price of the products which is the direct effect of inflation," Kaul added.