Hyderabad: CK Birla Group company Orient Electric is eyeing for a major market share in the sub-Rs 20,000 luxury chandeliers segment in the country and has launched its new range under the brand Eleganza in that direction.
Sharing the company’s plans, Atul Jain, EVP, Orient Electric, told Telangana Today, “We are a home electrical company with presence in fans, home appliances, lighting and switchgear. We have introduced luxury chandeliers, which also circulate air. Consumers in India are looking for luxury, which is affordable as well as that enhances interior decor. We found the need for individualisation in the chandeliers segment and there is a good demand in the sub-Rs 20,000 range. The market though niche, is very large, particularly in the residential segment. India currently imports chandeliers but there is no after-sales service. So, there is a huge untapped market. Conservative estimates show that India roughly consumes about 30,000 chandeliers a year, in the organised segment.”
“Not only residential, there will be demand in the hospitality as well as office spaces. Orient will focus on both free installation and maintenance of the chandeliers,” he informed.
Post establishing Eleganza series in the domestic market, the company will explore overseas markets. The company’s R&D team is working on innovative features. Orient, which has brought internet of things (IoT) enabled fans, also sees the possibility of embedding the IoT element in chandeliers in future, if there is demand.
The company expects demand across the country particularly in the tier-2 and tier-3 markets. South India is going to be a key market. Deccan plateau will certainly drive demand for air circulating chandeliers, Jain observed.
“With rising aspirations and affluence driving consumer spending in India, there is a demand for luxury products and services that offer unique experiences. Interestingly, the craving for luxury lifestyle is no longer confined to tier-1 cities only, but is equally prevalent in tier-2 and tier-3 cities,” he added.
The company has launched its Eleganza series of air circulating luxury chandeliers with three mood lighting modes. The company is targeting to grow this category exponentially as well as build a dominant share in the next two years.
He further said, “We are offering our consumers a “piece of art” for their homes, with added convenience of air circulation. Our air circulating luxury chandeliers feature exquisite designs and detailing. We have reasonably priced the Eleganza series to make this luxury, affordable at a starting price of Rs 17,500.”
For Orient Electric, Hyderabad contributes 7-8 of the national sales and the company has a market share of 24 per cent in the city well above the national market share of 20 per cent. The company expects its current distribution network augurs well to occupy a major pie in the chandeliers market.