New Delhi: Aiming to tap emerging markets, consumer durable major Philips is going to introduce more products in kitchen appliances segment, developed specifically for the Indian market.
“We have been working on developing products keeping in mind needs of the Indian consumer and in the next 6 to 12 months, Philips will introduce more products in India, particularly in kitchen appliances segment,” Philips Electronic India CEO Murali Sivaraman told reporters.
The company said it is working on introducing products in a competitive price range across all its existing categories, which includes health care, lifestyle and lighting in the developing countries like India.
“Around 29 % of the company’s sales in the first half of 2009 came from emerging markets. We will continue to focus on bringing innovative products,” Philips executive vice president and member of board of management Gottfried Dutine said.
He said the company spends around 8% of its turnover on Research and Development (R&D) on developing new products every year. Last year, Philips spent €1.6 billion on R&D globally.
Philips, which on Monday launched modular switches for the first time in India, said it has made two strategic acquisitions to strengthen local market leader positions.
””India’s modular switch market is expected to grow by 20% over the next year...The introduction of Philips modular switches complete our broad range of consumer lighting solutions,“ Sivaraman said.
The company said the modular switches are priced between Rs90 and Rs150 each, and have added features like USB charger, FM radio and sockets.
“The product range was developed in India for local market needs and to further expand the company’s broad range of consumer solutions,” Sivaraman added.
Philips India is a wholly-owned subsidiary of the Dutch player Royal Philips Electronics.