TTK Prestige, kitchen appliance brand, has forayed into the domestic home cleaning market hoping that it would constitute five per cent of company’s revenue for the ongoing financial year.
According to a report in PTI: “This is an opportune moment for us to accelerate our footprint by entering into the home cleaning segment. This initiative is expected to constitute five per cent of the revenues for the financial year 2016-17,” Chairman, TTK Group, T T Jagannathan said.
The new initiative, which is being launched under the ‘Prestige Clean Home’ banner, features a slew of unique products, including electric pop and vaccum cleaner-cum-floor polisher among others.
This is the first time the company is venturing beyond kitchen appliances, a category that has been synonymous with the company for over 60 years. The home cleaning segment is pegged at a market opportunity of Rs 2,500 crore and is growing at over 15 to 20 per cent year-on-year, Jagannathan said.
The company has set up a dedicated team of 50 people comprising sourcing, R&D, quality, and sales and marketing teams. The home cleaning range will be retailed through more than 50,000 retail outlets, including the 571 smart kitchen stores across the country. The cleaning solutions will also be available at all leading e-commerce platforms, he added.
TTK Prestige limited is one of the oldest business of India, founded by T T Krishnamachari in the year 1928. Over the years TTK Prestige evolved into one of the most trusted brand in India.
TTK Prestige Limited was incorporated as a private limited company on 22 October 1955, at Chennai as TT Private Limited and it became a public limited company on 15 June 1988.
The company started its manufacturing unit after independence. It started manufacturing in the year 1949 by setting up manufacturing unit near Bangalore. The company is known for its manufacturing and innovations, be it distributing pamphlet from helicopter in the fifties or introducing the exchange scheme.
ACQUIRING HORWOOD HOMWARES
As the Indian home appliance company, TTK Prestige, is planning to expand its footprint globally, it has acquired the entire stake in Silampos UK, which owns British table and cookware supplier Horwood Homewares.
Horwood owns brands such as Horwood, Stellar and Judge and is also a distributor of international brands supplying more than 2,000 table and cookware across key European markets.
Horwood has been in business since 1896. It has a broad customer base of over 1,000 retailers. The business posted revenue of 18 million pounds in 2015.
This transaction is a step forward in strengthening the globalisation strategy of the TTK Group. The deal enables the TTK Group to use its innovation, design and manufacturing capabilities with international brands to significantly expand its global operations.