Chef Sanjeev Kapoor owned kitchen appliance brand Wonderchef is planning to expand its retail footprint in the city with three more stores. This is a part of the larger plan to set up 40 company-owned stores across the country in the next two years, at an investment of close to Rs 20 crore.
Ravi Saxena, managing director, Wonderchef said “Gurgaon is our largest market, with the highest average selling price, of Rs 3,800. The city also accounts for 5% of our total online sales, which is huge. At present, the company has one store in Gurgaon, which opened doors a few weeks ago. Target customers in Gurgaon are conscious about design and want premium products that help make healthy food, such as soup makers and juicers”.
Company, which has a turnover of Rs 200 crore, has 10 stores in India and also sells through multi-brand retail outlets, a direct sales network of 50,000 women, teleshopping and ecommerce channels. It is targeting touching a turnover of Rs 500 crore by 2020.
According to Research and Markets’ latest report, the kitchen appliances market recorded strong growth, with a CAGR of over 13% during the review period of 2011-16. It is forecast to grow at a double-digit CAGR of 15.41% during 2017-22.
The growth is on account of rising per capita disposable incomes especially upper and lower middle income groups that continues to drive the market.