Building a debt free company with Rs 300 crore in turnover
Entrepreneur's New Year’s Guide
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Vinod Cookware has been in the markets for more than two decades now. Being the pioneers for the sandwich bottom Pressure Cookers in India, Vinod Cookware was established in the year 1986 with a single product. Today, after a decade’s experience, the firm boasts a repertoire of over 400 products spread across four different categories. The brand is one of the most preferred names in cookware space, in both India as well as global markets.
With a deep and thorough understanding about the needs and demands of Indian Kitchens, Vinod Cookware has become a household name. Their manufacturing plant in Palghar supports the same strongly, with newer categories and products range being launched keeping in mind the demands of Indian consumers.
Currently, the brand has established a strong foothold in the Indian Cookware market, making it one of the most desirable brands in the cookware industry. Owning the largest share of retail market across India, Vinod Cookware has been very aggressive in tapping the regional market segment with competitive product line. A debt-free company, with annual revenue of Rs 300 crore, Vinod Cookware is targeting to hit Rs 400 crore mark in the current fiscal year.
Entrepreneur India interacts with Sunil Aggarwal, Founder & Director, Vinod Cookware, to get more insights on the Indian kitchenware industry, changing dynamics in this space, with the advent of advance technology:
What are your observations of changing market conditions over the years?
Due to high degree of urbanization, proliferation of nuclear families and technological advancement, there have been far-reaching changes in the nature of Kitchenware products. In India, globalization has also brought about significant changes in cooking, serving and dining habits. India is also witnessing a major shift in buyer or consumer base for the Kitchenware products. It is no more restricted to women.
Consumers these days understand ‘Cookware/Kitchens’ much better. With the vast exposure and focus on Indian Kitchens via Indian Reality shows, consumers have built high level of awareness and understanding on the subject. Moreover, health has evolved as an active segment, which is also our focus and holds immense potential. One can expect tremendous growth in this segment in the years to come. Our vision is to introduce the most advanced kitchenware suiting the style/needs of modern day lifestyle.
Have you added new product into your category of home appliances?
Accepting the pulse of the modern Indian kitchens, we have introduced a whole new category which is focused on ‘Health’ – Vito Health. The Vito Health is one of the most path breaking products not just at Vinod Cookware, but also for the Indian Kitchens. The product is focused on oil free and water free cooking, with no compromise on taste or nutrients. With the advance technology and affordably, our vision stands firm to widen the health segment for the masses.
How do you specify these products as value-for-money?
Before launching any product or category in India, we undertake an in-depth research to comprehend the products as per the needs of the consumers. Our strategy of working in sync with the mindset of Indian homemakers has worked very well for the brand.
All our products are built with stringent quality measures. Each of our product reflects the pillars of Vinod Cookware on which the edifice has shown double digit growth. All our products guarantee value for money and have been designed keeping durability and affordability in mind.
Who is your target consumer groups and what’s the price range?
Like the popular movie ‘Anbody can Dance’, we too believe ‘Anybody can Cook’, especially when its Vinod Cookware. We believe that Vinod products are the helping hands or your buddy in the kitchen, which makes your job simpler and faster. Knowing the complexities of Indian Cooking, we target people falling in age group of 30+, both male and female.
Do you think of expanding your manufacturing plants with increasing product portfolios?
Sensing the need, we have recently bought a plant in Gujarat, and are currently working aggressively on its set up. Our current capacity at the plant holds 6,000 metric tonnes, and we intend to revise the figures very soon. Followed with the new manufacturing plant, we would be extending our portolio with the newer range of cookware, some of them being 5 layer non-stick and also multikadai.
What would be the amount of investment involved?
Around Rs 80 crore at the moment
How many retail stores, dealers and distributors you have in your network?
Vinod Cookware has spread its trustworthy tentacles across India with 4,000 dealers and 80 distributors. With the widespread chain and the strong presence in Northern and Western regions, Vinod also plans to open its own experience zones – be it the modern retail stores.
What are your expansion plans ahead?
The small appliances market continues to grow strongly. The increased purchasing power and evolving lifestyle has made the market extremely attractive. Need for enhanced convenience in the household is driving the rapidly growing demand for home appliances. Among our varied product range, we shall largely be focusing on Pressure Cookers and our Health range.
How do you face the competition in the market?
Our closest competitors could be Prestige and Hawkins. Infact, we are the only brand in the FY 13-14, which has shown double digit growth versus majority of the brands showing a de-growth (category based). We have captured around 12 per cent market share across India.
How are you promoting the brand?
We have been engaged in active 360 degree communication with our audience. To start with, we have a very active social media presence on key vehicles – wherein we strike the right chord with the consumers. It also helps us build the first hand experience via the digital presence.
Very recently, we also extended our activity to Food/Lifestyle bloggers. We had our First Bloggers Meet in Mumbai, wherein the brand received immense success and worthy accolade from the online fraternity. Our activities, on the online front, are mapped keeping the audience and also the brand visibility in mind.
We are also engaged in several B2B and B2C activities. Apart from the same, we have also done some Shopper Marketing-based events at retail spend zones to build in the right touch points with the audience. Lastly, we also design several outreach programs for non-media promotions. The latest in line is our extensive advertising, which assures us the best visibility and awareness among our target groups.