After a relaunch in India late last year, Sony-owned Aiwa on Wednesday said it aimed to clock a turnover of Rs 100 crore (Rs 1,000 million) this fiscal on the back of a slew of launches in the personal audio range as well as greater penetration in the market.
Aiwa, which had exited the Indian market after its unsuccessful tie-up with Baron Electronics in 1998, reentered India in October 2003 after being bought over globally by Sony Corporation in 2002.
"Our major efforts would be to tackle the negative residue in the mindset of consumers for Aiwa products following the shortage of spares and service during its absence in India and the negative images associated with the brand itself," Aiwa divisional head Prasun Banerjee said in New Delhi.
The company, which has been selling hi-fi audio systems and DVD players in the Indian market from which it achieved a turnover of Rs 25 crore (Rs 250 million) in the October 2003-March 2004 period, launched 22 new products today across portable CD player, headphone stereo and portable audio players segments.
"We want to further enhance our product portfolio by launching 50 new products in 2005 by when we hope to be present in 150 cities. The new products will be in home theatre segment, micros and MP3," Banerjee said.
The company, he said, would be investing around Rs 10-15 crore (Rs 100-150 million) for expanding reach, increasing customer service set-ups, and media and brand awareness.
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