Canadian consumer electronic company Hip Street said on Wednesday it would soon start selling its products in India through online, franchise and other retail establishments. The company is also planning to spread its wings through bigger retail chains like Croma, and eZone besides channel partners in the Indian market.
The company would spend $10 million over the next five years to expand its Indian operations. Hip Street has a presence in Canada, the US, China, Singapore and Sri Lanka.
“We have been steadily expanding our presence across the globe and India is another significant milestone in our growing international footprint. We will invest $10 million over the next five years to build our brand in India,” president of Hip Street, Moe Kirpalani, told reporters here.
Hipstreet is also an exclusive licensee of Disney for certain product categories in India.
Hip Street has a range of around 300 products in three categories — IT, telecom and lifestyle — with prices ranging from Rs 199 to a few thousand. Products include mouse-keyboard, speakers, notebook bags, headphones, digital audio players, video gaming accessories, bluetooth device, and iPhone and iPad accessories. The products are manufactured in China and Korea.
“According to estimates, the IT and telecom peripherals market is expected to grow to $21 billion. And we would like to have a sizeable portion of this market,” Hip Street’s general manager-sales & marketing for South Asia, Sukhesh Madaan, said.
The company would compete with companies like Logitech, SkullCandy, Capdase and Gecko in the Indian market.
Source : Financial Chronicle