TTK Prestige, a kitchenware company, is now stepping into the dining room for a bite of the ₹1,000-crore organised dining tableware market in the country.
“The dining tableware market is a very huge space and it complements our manufacturing capability as well,” T.T. Jagannathan, chairman, TTK Group, told The Hindu.
“To test the market, we just launched stainless steel casseroles. We are expecting sales of ₹50 crore from this space in the next couple of years,” he said.
Despite the disruptions caused by COVID-19, the kitchenware market had remained quite stable and the company witnessed a 5% increase in demand from April to July. In September, it witnessed a demand spike of 15% compared with the year-earlier period.
“We also launched 32 products between April and September, and another 60-odd products will be rolled out during this fiscal. The only thing is that the supply chain has not yet been fully revamped,” he said.
To enhance its last mile reach, TTK Prestige had roped in 30 Microfinance Institutions (MFIs) across the country and this channel brought in sales of Rs 140 crore for the company during the last fiscal. “Our rural sales via. MFI channels shrank substantially this year due to the pandemic and the subsequent introduction of the moratorium. The first two quarters we did only less than Rs 10 crore and we don’t know when this channel is going to be back again,” Mr Jagannan added.
TTK Prestige also said it had stopped all imports of finished goods from China and it would become a fully made-in-India company by September 30.
