PTI
Kochi: Amway India is all set to cross the projected Rs1,000 crore turnover for this fiscal year ending December 2008, a top company official said here today.
This would mark a 40% growth over the previous fiscal year when Amway recorded the Rs800 crore turnover, Amway India Vice President (South) Anshu Budhraja told reporters here.
“We have set ourselves a target of achieving a turnover of Rs2500 crore by year 2012”, he said.
This year has been extremely buoyant for Amway, he said, adding that constant innovation, adaptation to market needs and efficient customer services has led to this kind of growth
The year also saw significant changes in the Amway business model and launch of XL Energy drink and Energy bars, he said.
The cosmetics range would be sold across India exclusively through Amway’s network of 4.5 lakh plus distributors. The company operates across beauty, health and wellness categories, offering over 100 products in India, he said.
On Amway’s operations in Kerala, he said Kerala is one of the top five markets for the company. Amway India has paid Rs 5.67 crores in sales tax to the state exchequer for the financial year 2007-08, he said.
Amway India is the country’s leading FMCG (Fast Moving Consumer Goods) company in the direct selling channel and is a wholly owned subsidiary of the USD 7.2 billion Alticor Inc, Ada, Michigan, and USA, one of the largest direct selling companies in the world. The company has so far invested over Rs 151 crore in India.
Almost 85% of products sold by Amway India are manufactured within the country through five third-party contract manufacturers.