Fast moving consumer goods (FMCG) company Amway India having a current turnover of Rs 2288 crores is bullish on Indian wellness industry.
Associate Vice-President, North, G.S.Cheema told at a press conference that ?the reason for our growth is quite simple. There has been increasing health awareness in urban India that drives the growth of Indian wellness market.?
Cheema said that Indian market is one of the fastest growing markets globally for men?s grooming and personal care and men?s skincare has increased by 32 per cent over the last two years. He said that Amway has always in the forefront of market breaking innovations and Dynamite is sure to deliver powerful grooming for new modern Indian male.
Talking about the new launches, he said that eight products have been launched in men?s grooming including all new Dynamite whitening cream, face wash, shaving foam, deodorant, shaving cream, after shave splash, hair cream and disposable razors.
He added that direct selling industry in India is showing a healthy growth rate which is in excess of 22 per cent. Amway India has a current turnover at Rs 2288 crores adding up to over 20 per cent compounded annual growth rate (CAGR) over a period of five years. New launches, consistency in growth and product quality would herald growth. He said that Amway India is targeting a Rs 6000 crore turnover by year 2020 on the strength of new launches and maintaining consistency in growth.
Cheema said that Amway India is a subsidiary of Amway Corporation, one of the largest direct selling companies in the world. It has 152 offices and 69 warehouses across India. The company offers 140 products in five categories of personal care, home care, nutrition and wellness, cosmetics and gift catalogue. ?The reason for our growth is quite simple. There has been increasing health awareness in urban India that drives the growth of Indian wellness market.?
He informed that Amway recently committed Rs 460 crore towards construction and development of a new wholly owned manufacturing plant in Tamil Nadu at Nilakottai in Dindigul district. The plant spread over a 50 acre plot would be functional by 2015 with nine production lines like nutrition, personal care and cosmetics. The company has tripled production capacities at Baddi in Himachal Pradesh by commissioning for new production lines with an investment of Rs 55 crores. The first phase at Baddi saw an investment of Rs 50 crores and total investment now was Rs 105 crores.
Area Manager, Vikrant Sihotra said that Punjab, Haryana and Chandigarh are important markets for Amway and besides an office at Chandigarh, the company has offices in Ludhiana, Jaqlandhar, Amritsar, Patiala, Bathinda and Zirakpur in Punjab while in Haryana it has offices at Gurgaon, Panipat and Hisar.
