New Delhi: Electrical equipment maker Havells India Ltd has joined the race with Dutch company Philips India Ltd and Japanese firm Panasonic Corporation to grab a share of the fast-growing electric personal grooming gadgets market currently estimated at Rs1,500 crore.
The Noida-based company on Wednesday launched personal grooming devices like hair trimmers, shavers, hair strengtheners and dryers for men and women and also hair clippers for babies – a completely new product segment. The products are priced between Rs1,000 and Rs7,200, at par with the pricing of market leaders Philips and Panasonic.
“Changing habits of the young middle class has been driving the growth of this segment. Not just metro cities, there’s demand for personal grooming kits even in smaller towns. The industry is projected to grow at 25-30% every year. Backed by the brand pool and our widespread presence, we target to capture 25% of the market in 3 years,” said Saurabh Goel, executive vice president, Havells India Ltd.
Demand for personal grooming devices in India rose in the past couple of years with more and more men, both in metro cities and small towns, adopting the new-age grooming.
The entire male grooming market in India—including gadgets, soaps, shampoos, perfumes and other personal products — was estimated to cross Rs5,300 crore by 2016, according to a study by Euromonitor International. Consulting firm AT Kearney estimates the entire personal care market as of March at $10 billion.
Havells said it will expand its baby grooming products range during the first quarter of the next fiscal year. Besides its 400 Havells showrooms, the company will sell the products through e-commerce channels.
Initially, Havells will import the gadgets from its vendors in China, Hong Kong and Indonesia. “We’ll look at making these here in 2-3 years once we achieve a scale,” said Anil Rai Gupta, chairman and managing director, Havells India.