Philips eyeing double digit growth in consumer lifestyle

Philips India today said it is looking at posting a double digit growth in its consumer lifestyle segment this fiscal year by adopting new business strategies.
    
"Philips Consumer Lifestyle has posted a strong double digit growth in past seven months and we intend to maintain it," Philips India, President Consumer Lifestyle (Indian Subcontinent) ADA Ratnam told PTI.
    
The company is adopting strategies like adding product portfolio through creation of new categories, exploring markets, strengthening retail trade and targeting tier II and tier III cities for enhancing business.
    
"We are changing our market strategy and the focus is on to go to the market. We are also targeting tier II and tier III cities for some of our products," he added.
    
Ratnam was speaking on the sidelines of launching of a new range of products that included home theatre systems, docking speakers, MP3 players and headphones to expand its lifestyle entertainment portfolio here.
    
Commenting on the company's strategy of creating new categories, he said: "In the last three to four months, we have introduced a lot of products at a quick pace. We are introducing products more relevant to the new generation".
    
The company had introduced new domestic appliances like coffee making machines, induction cook-tops, AirFryer apart from products in personal care category like AquaTouch (dry and wet shaver), BodyGroom (a bodygroomer for men) and intelligent styling range for women.
    
Philips India is a subsidiary of the Netherlands-based Royal Philips Electronics, a company with strong presence in healthcare, lighting and consumer lifestyle markets.