Japan-based audio music system major, Pioneer announced its entry in Indian market with the launch of its subsidiary Pioneer India Electronics (PIEL). Further, the company also has opened two exclusive stores in Gurgaon and Bangalore for retailing car and home audio systems. Besides, the company has also roped in film actor Shahid Kapoor as its brand ambassador.
At the launch of six new models of car audio music system Takashi Yoshida, managing director, PIEL said, “We have so far invested close to Rs 160 million in the new subsidiary. Our annual expenditure on marketing and new product launches would be about USD 3 million.”
Pioneer established its presence in India in 2005 with a representative office. In 2006, it tied-up with car accessories marketer Autocop India to exclusively market its music systems in India.
“We are now looking at establishing direct sales channel in India. But at the same time, we will continue our relationship with Autocop. We have no immediate plans to set up a manufacturing base in India and will import products from our facilities in Thailand and China,” concluded Yoshida.
— Akansha Srivastava