PE Electronics, the license holder of Philips brand of TVs in India is aiming to have 10 percent market share in the segment by 2016 with a turnover of up to Rs 1,800 crore in next two years.
The company with presence in top 50 towns is now gearing up to enhance its sales and service network in small towns by adding smaller screen size TVs under Philips brand. "We would definitely be a brand with 10 percent of the market share by 2016.
By then, the sales would be around million units with turnover of at least Rs 1,700 crore to 1,800 crore," PE Electronics Chief Executive Officer Neeraj Sethi told Media.
PE Electronics was set up in 2010 and has marketing rights of two brands, Philips in TV domain and Electrolux in the home appliances segment through a licensee agreement. "With Philips, we have around 5 percent market share and for Electrolux we have 4 percent market share," he said.
Sethi did not share the revenue details of the company. PE Electronics has recently launched a 4K Ultra HD television range priced between Rs 1,55,000 and Rs 3,72,500. Over network expansion, Sethi said: "In the last three to four years we focused on top 50 towns...We are present with 15 percent market penetration and are targeting to be at 30,000 counters by the end of this year." According to him, within three years, PE Eelectronics would be able to reach B-class towns.
"These smaller towns would be definitely be catered with small screen sizes, but not with the focused approach right now," Sethi added. On competition with homegrown players like Micromax and Intex, he said: "Philips has a history of almost eight decades in India and it has a brand loyalty and always given quality products with technology differentiation.
"We would never compete with the brand which are lower on stable, but will give best features at a price which is affordable," Sethi added.
On licensing agreement with Philips, he said: "We had five years license agreement which was extended for two years till 2017 and can be extended again."
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