CavinKare to market adidas productsJanuary 29th, 2009 - 7:11 pm ICT by IANS
Chennai, Jan 29 (IANS) Fast moving consumer goods major CavinKare Pvt Ltd has entered into the Rs.5-billion (Rs.500-crore) perfume and deodorant segment by marketing adidas brand products. The city-based company has tied up with beauty products maker Coty Inc. that holds the licence for adidas brand in the personal care segment to market products like male body sprays and fine fragrance ranges.
“We hope to capture 10 percent market share during the first year. The ad spend will be around Rs.10 crore (Rs.100 million),” CavinKare chairman and managing director C.K. Ranganathan told reporters here Thursday.
According to D. Venkatesh Babu, regional managing director of Coty Asia, the market for super premium and low-end perfumes is not affected by the economic slowdown.
“The mid range brands are the one that is finding it difficult,” he told IANS.
Babu said the East Asian region was logging good growth in this segment.