Haier India President Shares Vision To Hit Rs 10,000 Cr Turnover By 2024
Strong product portfolio, robust manufacturing capability and innovative marketing - that is how Haier India President Satish NS summed up his vision on 13 April as he unveiled the brand’s target to achieve a turnover of Rs 10,000 crore by 2024.
Addressing the media at the company’s ‘Media Day,’ Satish said product innovation and customer-centricity are at the core of Haier’s growth trajectory.
With strong year-on-year growth and an industry-leading product portfolio, they will strengthen their presence in the Indian market, Satish said.
Speaking to BW Businessworld on the sidelines of the event, Satish said the brand has invested in creating a mental presence through advertising. He cited its recent investment in the Indian Premier League (IPL). Earlier in March, Haier announced its partnership with JioCinema as the digital streaming sponsor for the IPL.
Satish said apart from the digital presence, the focus has been on physical stores as well and turning them into ‘customer experience centres,’ giving the customer a hands-on experience with the product.
Elaborating on the customer-centricity aspect and how their feedback is incorporated into Haier’s products, Satish said there is a joint product and research and development team which keeps tracking the consumer.
“As a practice, we visit the consumer, and most of the time, there is a clear visual cue of what the customer is feeling as a missing feature in a product,” said Satish.
He gave examples of some of the products in the lineup, such as the Bottom Mounted Refrigerator and Self-cleaning Air Conditioners (ACs), which were designed by the team, taking into account the customer feedback that the teams got on their visits.
On the demand trend that Haier is seeing for the summer season, Satish said that demand shot up at the beginning of March due to higher-than-normal temperatures, but at the end of March, unseasonal rains impacted the consumer sentiment.
“However, in the last 3-4 days, we are seeing an uptick in consumer demand. From our side, we are optimistic and see an opportunity. Some markets have already started touching 40°C plus temperatures, our AC manufacturing is at full swing, and we expect the demand to be good,” Saitsh said.
Satish NS, President, Haier India at Haier Media Day
Haier expects a growth of 40 per cent and 30 per cent in revenue in the years 2023 and 2024, respectively.
The company clocked a revenue of Rs 6,000 crore in 2022 and expects to close in 2023 at Rs 8,000 crore.
The company has built the capacity to roll out 10 lakh units of ACs, 15 lakh units of washing machines and 30 lakh refrigerators annually at its manufacturing plants in Greater Noida and Pune.
Haier plans to invest Rs 1,500 crore by 2025 for backward integration and localisation of components.
It has stated ACs and Televisions as their next biggest growth drivers for the India market.
