Philips Lighting keen on expansion, aims higher market share
Hyderabad: Philips Lighting India has expanded its product portfolio and retail chain of stores as it seeks to consolidate its lighting business in the country’s market.
With a market share of over 30 per cent, Philips currently leads the lighting market in India.
After launching the LightLounge and LightStudio in Hyderabad, the company is buoyant about its plans to consolidate its presence in the country reaching out to the consumers with a much wider range of products.
With an investment of $15 million in Philips Lighting Innovation Centre in India, the company is now able to design and develop products that meet specific local requirements. The company has developed more than 150 LED-based lighting products and solutions in the last two years, Nirupam Sahay, President, Philips Lighting India, told Business Line.
For Philips, Lighting is a key business accounting for over 50 per cent of its total business in the country and it now seeks further expansion of its business and retail presence across major cities that will enable it to gain more market share.
The cost of LED lights has been coming down in the past two-three years and the payback time for corporate users has also come down to about 8 months now from about 18 months to two years couple of years ago, he explained.
The company now has 93 LightLounges in the country, in addition to over 1,050 Light shoppes. The market for decorative lighting is currently inundated with unbranded cheap imports that do not always satisfy efficiency and safety norms. The product range starts from Rs 575 and extends up to Rs 60,000.
The LightLounge and LightStudio formats offer consumers the complete range of home decorative lighting and professional lighting solutions under one roof. Consumers get expert advice in selecting the right lighting design solutions to meet unique or specific requirements. The LightStudio provides customers with LED experience zones that can change office and retail spaces.