Leading air conditioning brand Blue Star has formulated an aggressive market expansion strategy to achieve 15% market share in India by 2024, which currently stands at around 13%.
A top executive said, the company aims to grow by 25% in FY12.
“We started this year with 12.75% market share and are now close to 13%. We are optimistic about the future and we are improving the growth of the industry. We are a pure AC player, known for our expertise in cooling, quality, reliability and durability. We will keep this offer but we are positioning ourselves as an affordable premium brand.
He said that the company will help achieve its target in the premium segment on a large scale.
“We have strategically divided ourselves as a ige masstige’ brand with the introduction of our new range of segmented ACs to cater to the mass market and expand our market reach. Affordability is the criterion we have focused on for this season’s product introduction, while maintaining the premium build quality of Blue Star.
He said the move is linked to moving the company’s previous year’s target into orbit and accelerating growth by cutting mass appeal in terms of geographies and demographics.
“We are making good progress on our chosen trajectory, and we will continue to leverage our brand association with Virat Kohli to move in this direction,” he said.
On Wednesday, the company unveiled its new category of ‘Mass Premium’ split air conditioners that are 10% cheaper than earlier models. The new range includes 3-Star, 4-Star and 5-Star Inverter Split Air Conditioners available at prices starting from starting 25,990 for the 0.80 TR 3-Star Inverter Split AC.
The company will invest ₹ 64 crore in FY 2012, as compared to FY 22 crore in FY 2012. In addition to expanding third-party sales outlets, the company is expanding its network of exclusive brand stores from 200 to 250 stores by the end of FY22.
The company has invested more than ₹ 670 crore to expand capacity at various locations.
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