Wonderchef, the cookware and kitchen appliances company, reported a significant 54% year-on-year sales growth this festive season, amounting to INR 290 crore. According to MD Ravi Saxena, this impressive performance is largely attributed to the company’s robust omnichannel distribution strategy and a steadfast focus on continuous product innovation.
“October and November have been fabulous for us. This October, we did almost 50 per cent higher than last year, and in November, we did about 60 per cent higher than last year.”
Currently, with a portfolio featuring 400 SKUs, the latest additions from the company have been in the categories of coffee machines and smart appliances, presenting substantial growth opportunities in the country.
“We need to look at products across the price point and that’s precisely what we have done. We are not just about catering to the premium end; instead we have done value engineering and product development at the lower end as well,” he added.
Regarding the expansion of the coffee machine category, the company is enhancing this lineup with four new machines, each representing distinct sub-segments in the market.
Furthermore, as part of its quest to achieve the status of a INR 1000 crore brand, the company has strategically entered tier two and tier three cities, employing a diverse pricing strategy. In the fiscal year 2023, the company garnered a revenue of INR 350 crore. Looking forward, it envisions a robust growth trajectory, aiming for a turnover of INR 700 crore in the fiscal year 2024, with plans for an additional 20% growth in the subsequent year.
Expanding beyond its home market, the company has ventured into international territories, including the US, UK, UAE, Saudi Arabia, Bahrain, the Maldives, Mauritius, and Australia. Presently, 2 percent of its business originates from global markets, where it has carved a niche by delivering quality products at a competitive price.
Moreover, the company is poised to enhance its retail footprint, with plans to establish 50 exclusive stores throughout India by 2025. Simultaneously, it aims to broaden its reach to 25,000 multi-brand stores and 3,500 modern trade stores within the next two years.
Regarding its manufacturing capabilities, the company currently collaborates with 110 factories worldwide.