Eureka Forbes is looking to ramp up its home cleaning solutions portfolio and do what it did in the water purifiers segment. It intends to have a new range of India-specific home cleaning solutions and floor cleaning gadgets.
The new solutions will include easy to use but premium products that can mop floors without bending clean spots on walls and so on.
According to Marzin Shroff, Managing Director and CEO, the sector was witnessing a slower off-take with annual growth varying between 5 and 8 percent over the last few years.
Eureka Forbes, being the market leader with 80 percent share in the 300 crore segment, decided to go ahead and open up the market with premium offerings targeting Indian needs.
In all, seven new products will be offered. Of this, four will be launched via the direct sales channel under Euroclean brand. The remaining three will be for the retail channel under the Forbes brand. “We are looking at 100 crore turnover from these new products. Being the market leader, we are looking to create a new category here,” Shroff
The home cleaning segment, particularly the B2C (business to consumer) part, is a nearly 250 crore vertical for the 2380 crore Mumbai-based company.
As Shroff points out, Eureka Forbes wanted to bring in the country-specific offering for quite some time now and had been working on consumer insights and collating data in this regard. However, what it lacked was the technology to build such gadgets.
Two to three years ago, it started discussions with US-based BISSELL for ideation and development of India-specific home cleaning gadgets. BISSELL had the required specialization. And accordingly, Eureka Forbes entered into a tech tie-up with them.
This means, products will be made as per Eureka Forbes’ requirements and imported from the US.
“These are not easy-to-replicate products. They are highly specialized offerings requiring a specific technology. Since BISSELL was a specialist in the home and floor cleaning space with the required tech, we entered into a tie-up with them,” he said. — The Hindu Business Line