OP Jindal Group-led Jindal Lifestyle Ltd. has set an ambitious target of achieving a turnover of Rs 1,000 crore in its cookware business by 2029.
A subsidiary of Jindal Stainless Steel has entered the cookware business with its own brand 'Arttdinox'. The company on Thursday unveiled a range of products, from frying pans and saucepans to pressure cookers, to tap into the growing demand for premium products in modern homes.
“Starting with the Delhi-NCR region, we will be selling 50 units of our cookware inventory,” Jindal Lifestyle CEO Ranjan Chaudhary told NDTV Profit. “Within the next three years, his goal is to have 300 SKUs and rollout across the country, so we will gradually introduce products.”
Jindal's entry into the cookware space comes as the industry faces challenges such as rising raw material costs and declining demand. Still, Chaudhary is optimistic that this goal can be achieved by focusing on the premium segment, which is less susceptible to inflation.
Chaudhary said the premium segment accounts for less than a third of India's Rs 15,000-crore cookware market. The market is expected to grow at a rate of 10-15% annually due to increasing disposable income and rising aspirations. “We want to take full advantage of this growth potential,” he said.
This foray will put Jindal Lifestyle in direct competition with brands such as Prestige, Hawkins and WonderChef.
Chaudhary said the company has a competitive advantage over its peers due to its parent company's pioneering position in the stainless steel industry.
“The market is large enough to accommodate more players and with our expertise in cutting-edge manufacturing technology and innovation, we should be able to withstand competition in India and on a global scale.”
The range of cookware can be accessed through the company's website, Amazon and an extensive network of distributors. The brand is aiming to capture major cities in the first phase of its expansion and hopes to become a pan-India player within the next three years, Chaudhary said.
Arttdinox also sells high-grade stainless steel products in the field of homeware and interior decoration. The company plans to open nine specialty stores this year.
Jindal Lifestyle plans to invest Rs 3,000 crore in marketing and distribution. However, the amount of manufacturing equipment investment for this fiscal year has not been disclosed.
