The kitchen appliances major TTK Prestige, is planning to expand its present network of 156 “Smart Kitchen” stores, which offer entire range of Prestige products, to 250 stores, within a period of two years, reports the Economic Times. These outlets, which will be both franchisee and company owned, will entail an investment of Rs. 20 crore.
As a part of its growth strategy, TTK Prestige for the past three years has been aggresively pushing the concept of “Smart Kitchens.” While, it had 51 “Smart Kitchens” operating in March, 2005, it increased their number to 80 in March, 2006, which have now almost doubled to 156. Some of these stores have also been set up in rural areas.
TTK Prestige, a part of the Rs. 1,100 crore TTK Group, expects to increase its annual turnover by a healthy 30% to Rs. 300 crore, during this fiscal. TTK Prestige, which is primarily known for its Pressure Cookers, had sold 1.62 million cookers valued at Rs. 137 crores (60% of total sales turnover of Rs. 232 crore), during the previous year. It also sold 1.12 million pieces of non stick cookware valued at Rs. 35 crore. The balance turnover of Rs. 62 crore was contributed by other products like gas stoves and domestic kitchen appliances.
TTK Prestige is also very aggresive on new product introductions. While, it intoduced 54 new products during 2005-06, it has already introduced 52 new products in the past six months. It does not want to slow down on this momentum and has plans to introduce another 12 products in the next month. Besides, cookware products like pans, kettles and cookers, it will introduce non-cookware products like wet grinders, bone china and porcelein crockery.