India is a fast-growing market for consumer goods: AmwayMarch 23rd, 2010 - 11:35 am ICT by IANS
By Arun Kumar
Washington, March 23 (IANS) A rapidly expanding middle class with high aspirations and a growing appetite for quality goods make India an attractive investment destination for consumer goods companies, says Amway chairman Steve Van Andel.
“The sheer size of the market, its relatively young population and economic and social stability all work in India’s favour,” Andel, who has been running America’s leading $8.2 billion direct selling company since 1995, told IANS in an e-mail interview.
For Amway, India is one of its fastest growing markets. “It has been growing by double digit percentages for a number of years. In 2009, Amway India has reached sales of Rs 1,407 crore or $300 million, a 25 percent increase over 2008,” he said.
He said 2009 marked another year of strong regional sales in China, India and South Korea for Amway.
Andel believes Amway’s sales in the region proves that its business model “resonates very well with the Asian consumers” and “our products meet consumer needs”.
The company is improving its product line, introducing new and modifying existing products, while building consumer awareness by sponsorships, endorsements and advertising campaigns.
Andel cited the use of internet and social networking sites to reach out to younger generations.
“The launch of Amway iPhone ‘app’ in North America was extremely well received,” he said. Amway is currently deploying Web 2.0 programme worldwide.
“While technology will continue to be a significant part of our growth, even in this day of Internet and virtual world, the bricks-and-mortar presence of our company and the personal service our sales people provide to consumers are irreplaceable,” Andel said, noting that direct selling still works.
(Arun Kumar can be contacted at firstname.lastname@example.org)
- India is a fast-growing market for consumer goods: Amway (Lead, Correcting surname) - Mar 23, 2010
- Amway India eyes Rs.25 billion business by 2012 - Jul 11, 2011
- Amway eyeing annual sales of Rs.2,500 crore by 2012 - Jun 22, 2010
- Amway to invest Rs.250 crore in India (Lead) - Apr 13, 2011
- Quality spells success in India too: Amway - Mar 24, 2010
- Amway targets Rs.20 billion business in India by 2012 - Apr 20, 2010
- Amway to commission its India manufacturing plant in 2014 - Feb 13, 2012
- Amway India grew 19 percent in 2011 - Mar 02, 2012
- South Africa pushes its fruity presses in Indian wine mart (With Image) - Jun 07, 2012
- Indian women getting 'empowered' with direct selling - Mar 28, 2010
- Obama asks US business to take on India, China - Feb 08, 2011
- Amway to invest Rs.250 crore in India - Apr 13, 2011
- US trade mission to explore business, lure Indian investment - Mar 21, 2012
- Electrolux licences Morf India to market Kelvinator purifiers - Jun 04, 2012
- US AptarGroup expanding presence in India - Oct 27, 2011
Tags: , , , , , , , , , , , , , , , , , , ,