Durables
Pankaj Rana appointed as CEO of Hisense
Hisense India has appointed Pankaj Rana as its new CEO, replacing Pranab Mohanty. Rana, a seasoned industry veteran with over two decades of experience, will lead the company's strategic initiatives, drive business growth, and expand the customer base. He will also strengthen the brand presence. Rana has previously worked with companies like LG, Panasonic, Benq, and Reliance Retail.
Turnaround slower, but VIP's on recovery path: Chairman Dilip Piramal
VIP Industries posted a 10% rise in net sales at Rs 2,215 crore last fiscal. However, net profit plunged to Rs 28 crore in FY24 from Rs 161 crore in the previous fiscal.
Havells India partners with Jumbo Group for kitchen appliances in UAE
Havells India has partnered with Jumbo Group in the UAE to introduce kitchen appliances. Online sales on jumbo.ae will be followed by retail distribution. Havells aims to enhance brand presence and customer accessibility. Jumbo Group CEO emphasizes providing the best products for customers' convenience. After-sales service for Havells products in UAE will be managed by Jumbo Serve.
Nisaba Godrej quits VIP Board over differences
Nisaba Godrej resigned as independent director from VIP Industries board due to differences in leadership accountability and succession planning, effective June 3rd, 2024. In a letter to Chairman Dilip Piramal, she praised the company but expressed diverging views. VIP Industries, a luggage category leader in India, faces challenges amidst reports of potential promoter stake sale, competition from Samsonite and Safari Industries, and declining profits despite a 10% rise in net sales last fiscal.
AC makers clock two-fold jump in sales in May amid scorching summer
Voltas, LG Electronics India, Blue Star, Daikin India, and Panasonic India have all experienced significant growth in AC sales in May, with projections for continued momentum and challenges ahead.
That AC or fridge you were planning to buy just got more expensive
Consumers in Kolkata will experience 2-5% price hikes on electrical goods due to factors like high inflation rates in copper and aluminium, freight cost increases, Red Sea crisis, and rupee depreciation.
Summer products sales go off the charts
Demand for ACs surges in India as retailers face shortages, leading to production challenges for brands like Haier. Voltas office saw a retailer camping out for stock, while managing director Pradeep Bakshi dealt with high demand and depleted inventory.
Orient Electric appoints Ravindra Singh Negi as Managing Director and CEO
Orient Electric, part of the $3 billion CK Birla Group, has appointed Ravindra Singh Negi as its managing director and CEO, effective May 31, 2024. Negi, with extensive experience in electrical consumer durables, will guide the company towards sustained growth. He will be based in New Delhi and succeed Deepak Khetrapal as managing director.
Top luggage firms see slower growth in Q4
Samsonite, Safari, and VIP Industries faced growth declines in India. Samsonite's business fell 10%, Safari's growth slid to 21%, and VIP Industries saw sales taper to 14%. China regained Samsonite's top market position post travel restrictions. Neetu Kashiramka discussed industry growth, and the shift towards hard luggage was highlighted in a RedSeer report.
Dixon signs pact with Acerpure to make consumer appliances
The partnership comes after Dixon started making notebooks for the Taiwanese company since the first version of the production-linked incentive scheme for IT hardware was rolled out in 2021.
Must Watch
Air-conditioner manufacturers face shortage of products or models due to unprecedented demand
With sales now picking up in the North, the shortage is expected to get worse. As per executives, the industry is going to face a notional sales loss of around 400,000-500,000 units, or Rs 1,200-1,500 crore of potential business.
Veira to invest Rs 450 cr on new unit to hike air coolers, washing machines production capacity
Veira invests Rs 450 crore in a Greater Noida manufacturing unit to boost air cooler and washing machine production, aiming for increased revenue by FY25. The company serves multiple brands domestically and internationally across its Noida facilities.
April brings good news: Consumer goods cos winning majority votes during polls
Steady demand for consumer goods prevails despite election season disruptions, with notable sales spikes in cooling appliances, small food packs, and traditional snacks. Retailers face challenges due to store closures on voting days.
India’s FY24 toy exports fall, separate strategies for each group key: GTRI
India's toy exports declined to $152.34 million in FY24. GTRI advises strategies like inviting international manufacturers, building a domestic ecosystem, and reducing dependency on imports to boost the industry and compete with China's market dominance.
India's toy exports slip to $152.34 mn in 2023-24; need strategy to push it: GTRI report
India's toy exports saw a slight decline to USD 152.34 million in 2023-24 from USD 153.89 million the previous year. Despite quality control orders, exports did not benefit much. GTRI Founder Ajay Srivastava suggested a more comprehensive strategy to develop the industry and boost exports.
Swiss Military to invest Rs 56.5 crore on new manufacturing unit in Haryana
A global lifestyle brand with a 30-year legacy, Swiss Military, offers premium and innovative products across 26 countries and has over 3,000 products across various verticals.
