New Delhi: Home appliances maker Whirlpool on Tuesday said it will invest up to Rs 100 crore on advertising and marketing of its products this year as it gears up to enter the kitchen appliances segment by next month.
“Our advertising and marketing budget this year will be around Rs 90 crore to Rs 100 crore. We have lined up a lot of product launches this year, for which we will be coming several marketing initiatives,” Whirlpool of India vice-president corporate affairs Shantanu Das told PTI.
This year, the company will make its entry into the kitchenware segment and plans to launch a range of products by next month, he added.
“We are bringing a whole range of cooking appliances, including microwaves, ovens and dishwashers. It will be out in the market by next month. This will be our first entry into the kitchen appliances market and it will be positioned in the mass to premium segment,” he said.
The company, which witnessed a decline in its net profit by 18.96% to Rs 47 crore in the quarter ended March, 2011, said commodity prices have been a challenge and demand for refrigerators and air conditioners slowed down during the quarter.
“Food inflation and commodity prices have been a challenge during the quarter. We hope that it eases a bit in the coming months. However, demands are picking up. Because of late summer, the demand for ACs and refrigerator had slowed down,” he said.
Das said the company expects a 20-30% jump in sales by the end of this fiscal on the back of the various innovations and products lined up this year. Last fiscal, Whirlpool of India had sales of 2,612 crore.