Bath fittings and sanitary ware major Jaquar Group is eyeing US $1 billion turnover by 2022, as the company is expanding its product portfolio and global footprint.
According to a PTI report: The company, which aspires to be a global brand in the segment, is in the process of opening 15 exclusive brand showroom ‘Jaquar world’ across the globe.
Jaquar, which has presence in around 40 countries, is expecting over three-fold jump in its international sales to US $50 million in FY 2018-19 as it plans to consolidate its position there.
“Our aim and vision is to make it to a global brand in our segment and in order to present the brand in the right manner, we have initiated concept of Jaquar world,” Group Director and Promoter, Jaquar, Rajesh Mehra told PTI.
The company is setting exclusive showroom of its brand and products in 5,000 to 6,000 sq.ft. area in collaboration with its country partners, which will have products from its premium brand Jaquar and luxury brand Artize.
“We are already operating four at — Dubai, Vietnam, Singapore and Addis Ababa, Ethiopia as 15 such show rooms are under execution at different stages,” he was quoted by PTI as saying.
The other countries includes – Tunisia, South Africa, Iran, Tanzania, Malaysia, Sri Lanka, Guinea, Nigeria, Uganda and Ivory Coast.
“Our major focus is now to expand and take this brand to the global market and we are working on the overseas market in the last few years and we are happy with the response we are getting in those territories,” Mehra was quoted by PTI as saying.
Jaquar also has plans to introduce its value segment Essco in the later stage.
“We want to go one by one. At the moment we are strengthening our portfolio because country to country we have different requirements,” he told PTI.
The company will eventually follow the hub spoke model in the overseas market.
“Dealers and distributors would create a mini ‘Jaquar world’ world, which would be called as Jaquar partners, which would be in shop-in-shop concept,” Mehra was further quoted by PTI as saying.
Jaquar is expecting a turnover for Rs 3,500 this fiscal and is expecting to cross Rs 5,000 crore by 2020.
On being asked by when the company would cross a US $1 billion sales, Mehra said: “Total turnover of Jaquar Group by 2022 would be US $1 billion.”
Besides bathing segment, Jaquar is also in the lighting section and has a range of LED (light-emitting diode) products.
It has plans to invest Rs 150 crore to set up a manufacturing plant in FY 2018-19. It is also investing Rs 150 crore for faucets manufacturing plant in Bhiwadi, Rajasthan.
In July last year, Jaquar Group has acquired a majority stake in the South Korea-based Joeyforlife by investing USD 1.2 million, as part of efforts to expand its business in South Korea and Southeast Asian countries.
While, in April this year, Jaquar Group had acquired Kutch-based Euro Ceramics.