Expect Indian market to contribute 20% to global revenue in coming years: Hettich
furniture fittings
major
Hettich
expects India to contribute around 20 per cent of its global sales, already its second biggest market, according to a top company official.
The company, which started manufacturing in India in 2013 at its Vadodara unit, is looking to leverage on the government's policy of promoting local manufacturing and tap the fast growing middle class in the country -- its fastest growing market in the world -- to strengthen its market leadership, Hettich India, Middle East & Africa Managing Director Andre Eckholt told PTI.
He said Hettich is also scaling up exports to other markets, including the US, Australia, Europe and China, as it enhances production in India with a second manufacturing plant in Indore, Madhya Pradesh.
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"As a Hettich group, we have a global revenue of 1.5 billion euros, and the share of India is growing year-on-year because India for Hettich is the fastest growing market. Our share of the global revenue is increasing year-on-year," Eckholt said.
"It (contribution of India to global revenue) is for sure in double digits. It is going towards the 20 per cent (mark) in the next years to come."
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He was responding to a query on how significant the Indian market is for Hettich.
The growth in India and its share within the organisation is increasing year-on-year, Eckholt said, adding that it "is also giving the confidence to the owner family that it makes a lot of sense to further focus on the Indian market, when it comes to market penetration, as well as future investments".
At present, India is the second-biggest market for Hettich after Germany, which is also expected to continue to grow in the future, considering the key customers and global clients it serves, he noted.
India's economic growth, fast-growing middle class and a young population, all make it a market full of potential and a prospect for good growth in future, Eckholt said.
Four to five years back, he said India and China were "more or less on the same size in terms of business" for Hettich, but "now, we (Hettich India) are clearly the number two".
In terms of the top five global markets, China is third, followed by the US and Europe, Eckholt added.
On local manufacturing, he said that since 2013, the company has been manufacturing in India at its
Vadodara plant
and in 2019, a new plant was set up in Indore. The company has so far invested Rs 2,000 crore in India.
"The go-to-market strategy in 2013, when we entered with our own manufacturing, was local products for the local market to be closer to the need. We entered into the Indian market with the clear commitment to '
made in India
' for India, but over the period of time, also, the confidence level from Germany was increasing in the capabilities of the Made-In-India portfolio," he noted.
So nowadays, Eckholt said, "We are scaling. We are supplying to the world from India...We are supplying goods to the US, Australia, and Europe. And what we also do is completely the opposite way -- we are supplying to China (while other competitors are importing from China)".
The company's ability to export successfully to China from India also indicates that "we are very cost competitive on the one hand side. On the other hand, there is an assurance on quality", he noted.
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