TTK Prestige, the kitchen appliance major, plans to increase its network of 156 “Smart Kitchen” stores, to 250 stores within a span of 2 years. The new outlets plan entail and investment of Rs.20 Crores, and will be both franchisee and company owned.
As a part of its growth strategy, TTK Prestige for the past three years has been aggressively pushing the concept of “Smart Kitchens”, which are specialty stores, offering the entire range of Prestige kitchenware. While, it had 51 “Smart Kitchens” operating in March 2005, it increased their number to 80 in March 2006, which has 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. Other products like gas stoves and domestic kitchen appliances contributed the balance turnover of Rs. 62 Crore.
TTK Prestige is also very consistent with new product innovations. While, it introduced 54 new products during 2005-06, it has already introduced 52 new products in the past 6 months. It does not want to slow down on this momentum and has plans to come out with 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 porcelain crockery.