Amway to open 500 stores by 2025, eyes $1 billion revenue
Direct-selling Fast Moving Consumer Goods (FMCG) major Amway will be opening 500 stores as it aims to generate Rs 6,000 revenue (approx $1 billion) by 2025 from the Indian market.
Amway India had clocked Rs 1,800 crore (approx $276.5 million) in sales for the last financial year with a compounded annual growth rate (CAGR) of 6 percent. The company will expand its product portfolio by entering the herbal beauty and personal care market later this year.
"We are eyeing a three-fold growth in our business by 2025, fueled by innovations and digital penetration along with our strong direct sellers network and focus on engaging young customers," Anshu Budhraja, CEO of Amway India, was quoted as saying by Economic Times.
“We are looking to open 500 stores in India by the year 2025. At present we have 140 stores and we plan to add another 25 stores in this financial year," said Budhraja.
To achieve its set target the company has earmarked an investment of Rs 1000 crore out of which Rs 600 crore have already been invested on its manufacturing facility in Madurai.
“We plan to invest Rs 100 crore over the next 2-3 years in India which includes Rs 70 crore investments in R&D, Rs 10 crore in increasing the manufacturing capacity and the remaining amount in the digital initiatives to enhance our digital presence through our online stores and mobile apps," added Budhraja.
The biggest market for Amway in terms of sales revenue globally is China followed by the US with India currently in the seventh position.
Copyright © 2022 FashionNetwork.com All rights reserved.