Signify Innovations India, formerly known as Philips Lighting India, said its brand EcoLink is expected to clock five-fold growth and will be a Rs 500-crore brand by 2023, according to a top company official.
Signify is expanding beyond lighting and switches and is entering into the Fans category through EcoLink brand and has plans to add more products to make it a home electrical brand for value-conscious buyers.
Besides, Signify Innovations has also made India a development hub for the EcoLink brand, which was launched in 2019, to cater the value-conscious segment.
“Our ambition is to make EcoLink a Rs 500 crore brand in three years till 2023,” Signify Innovations India Vice Chairman and Managing Director Sumit Joshi told PTI.
The brand has crossed the business of Rs 100 crore in the first year of operation, he added.
“Now we are taking the second step and entering into the market, which is quite a significant size market. We have invested quite a bit, ensuring that our manufacturing and products are extremely good. Now it is time, when we will also invest in our front end, where we will invest in creating EcoLink as a brand. We are investing in the go-to market,” Joshi said.
Presently, India is the biggest market for EcoLink, which has a current portfolio featuring more than 300 lighting products. Besides, the brand is also present in markets such as Indonesia, the Middle East and a few parts of Europe.
“But it is also unique that India is a development hub for the brand as well for all the categories, in which we are getting into,” Joshi added.
After fans, Signify Innovations has plans to expand its offering and foray into several new segments step by step and create disruption with affordable prices with quality.
The company is leveraging its R&D strength and innovation to bring new products.
“We have decided Fan is a great opportunity to enter into. It”s a big Rs 11,000 crore plus category,” he said.
Signify Innovations would leverage its existing sales and distribution network for the EcoLink branded fans. “We have a great relationship and most distributed brand in the lighting. We have a leverage point there,” Joshi said.
The newly launched range of EcoLink fans features more than 36 products in the ceiling fans category.
According to the Indian Fan Manufacturers Association data, fans which are essential items for the masses and have one of the highest levels of penetration of 74 per cent of households across India.
Companies such as Orient Electric, Havells India, Crompton Greaves, Bajaj Electricals, Usha International, Polar, Luminous operate in this segment. PTI KRH DRR DRR