Mumbai: Consumer durables firm, Philips, will up investments in emerging growth markets like India and China by 27% this fiscal over the previous year.
“(Royal) Philips has decided to increase its investments in emerging countries like China, India, Russia and Brazil, among others, by 27% this year over the previous (calender) year,” Philips Electronics India, chief marketing officer, Indian subcontinent, Vivek Sharma, told reporters here on Tuesday.
Bric and other growing markets like Poland, Ukraine, Turkey and the Middle-East account for one-third of the revenues of Netherlands-based Royal Philips Electronics.
“We are aiming that by 2015, these markets account for 50% of the company’s global revenues. India and China are very important markets for us and have recorded the most growth over the last six months,” Sharma said, but did not give details.
The company is focusing on increasing sales through retail and distribution, for which it began setting up showrooms and lounges for lighting and health care products earlier this year.
Philips India will open 35 exclusive showrooms and 150 shop-in-shop lounges for its lighting products, Sharma said, without disclosing the investment.
It will close the year by also setting up a total 120 health care and lifestyle corners.
Philips on Tuesday launched the world’s first cinema-proportioned LCD television and a Blu-Ray player range priced at Rs4.5-lakh.
The Dutch company, with a presence in over 60 countries, manufactures durable products for home, health care and provides energy efficient lighting solutions.