As part of this, Signify on Tuesday entered into the fan segment in the Indian market under EcoLink and more products are under development whereby Joshi expects the one year old brand to become Rs 500 crore in size by 2023. The brand has clocked Rs 100 crore revenue in the first year itself, he said.
“EcoLink is the fastest growing brand in our stable and will be expanded across the country into smaller towns and small stores as it is a value brand,” said Joshi. While the brand started as a lighting brand with over 300 stock keeping unit products in both consumer and professional segment, we will evolve it into the home electrical equipment space as well, he said.
The company, which was the erstwhile Philips Lighting, will scale up the EcoLink brand into other categories from next year. The brand is also sold in Middle East, South Asian countries and some European nations.
“The Philips brand will be more premium and will only focus on the lighting segment. EcoLink will provide same reliable product but at a value price. India will be a global hub for product development for EcoLink which would be then launched in several other markets,” said Joshi.
Signify said the business in India has been inching closer to pre-Covid level from November onward and has grown by double digit in January and February till now over same period last year.
“Real estate business is taking a turn. If there are no further disturbances from Covid, the recovery in business will further gain pace. While the consumer products space has fully recovered as of now, we expect the professional segment to start recovering in another quarter,” said Joshi.