Amway bets big on India for growth
US-based direct selling major Amway Inc sees the Indian market as a huge growth driver for the company after witnessing 7 percent growth in the country over the last few years.
The company is confident that with the current growth rate, India will soon be among the top five markets for the company globally. The biggest market for Amway in terms of sales revenue globally is China followed by the US with India currently in the seventh position.
Amway India had clocked Rs 1,800 crore ($276.5 million) in sales for the last financial year with a compounded annual growth rate of 7 percent. It expects to touch Rs 2,000 crore this fiscal.
"With the size and the scope of the Indian market, we see it as a huge growth driver for us globally. We have grown at a rate of 7 percent now, so we are going to have double digits in the near future. We believe that is the pace we can maintain certainly for the next five years and hopefully even accelerate," Amway Inc co-chairman Douglas L DeVos told PTI.
Amway is banking heavily on its newly launched herbal range for growth in the Indian market and also plans to take the herbal products from India to global markets.
“The growth will be driven by the company's existing products besides new introductions such as the locally developed herbal range. Some of the markets like Thailand and Malaysia have already expressed interest in the herbal products from India. We see India having a role in the global supply chain, not just India for India but for other markets as well," DeVos added.
At present, Amway has 140 stores across the country and plans to open 500 stores in India by the year 2025.
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