GODREJ GROUP-A brand that has been serving us for 119 years and has always been proven as one of the trustworthy brands when it comes to quality. A brand that operates retail stores, sells soaps and shampoos, is now looking forward to extend its horizon and get premiumized by introducing high-end products and its offerings.
Godrej Nature’s Basket Unit on Tuesday disclosed its move and confirmed their idea of finding and introducing new healthy alternatives brand which will include products such as organic grains and gluten-free pastas. Executive director and chief brand officer of Godrej Group, Tanya Dubash confirmed the marketing and group’s motto as to introduce premium products across other businesses.
Target is the consumers’ attraction. In India, shoppers had paid more for healthy food, personal care products, and home appliances in the world due to the doubled per capita income of the country over past decade. These higher-priced products is a move to fend off the competition while emphasizing on profit margins.
Tanya added, “As a group, we are in sectors where we have an opportunity to premiumize” in Mumbai. “It doesn’t mean that we are moving away from the masses, we are premiumizing products with innovation and design thinking.”
As per a data collected and analysed by Bloomberg, vegetable oils add to about 25 percent of total revenue to the Godrej firm which had broaden an active profit margin of around 4.67 percent in the year. However, the profit margin had extended up to 17.1 percent before the previous year.
It’s a “big opportunity in India” for the businessmen and firm as they look towards Nature’s Basket for healthy foods and products, says Dubash. Estimated cost of the market of health and goodness of foods lies around 103.5 billion rupees ($1.6billion) and is expected to earn 10 percent growth every year, says a report from August prepared by Nielsen Holdings Plc., a consulting firm.