Mumbai, September 29, 2016: Shaw Contract, a business unit of Shaw Industries Group Inc, a wholly-owned subsidiary of Berkshire Hathaway, announced that they are looking to further penetrate into Tier-2 cities in India during their launch of its 2016 collection in Mumbai on Wednesday.
The company, whose India operations are headquartered in Bangalore, has been operational in the country for over two decades. It is the second-largest supplier of commercial carpet tiles in India, in the addressable market,with an estimated market share of 18% to 22%.
Shaw, which has $4.8 billion in global revenues, is looking to invest more in India, given the recent policy changes and favourable macroeconomic conditions in the country.
Mr. RakeshLakra, Regional VP, India said,“The carpet industry is unorganized in India. We have primarily been operating through our channel partners in the past two decades. However, we believe India holds immense potential for growth in the upcoming years, given changing government policies, positive macroeconomic factors leading to more construction and the Indian architectural landscape adopting international standards.”
Shaw believes one of its key growth drivers in upcoming years will be industries such as IT, ITeS, Professional Services, Hospitality that focussed towards more customized, international design formats.
With the macroeconomic growth and Shaw’s projected investment, the company anticipates increasing its business by 18-20% annually in the next five years.
Mr. Phil Decker, Divisional Vice President, Asia Pacific Sales, said, “India is one of the top three markets for Shaw in Asia. India has an unmatched projected GDP growth rate, making it one of the fastest growing major economies in the world. Shaw in India has been growing at a rate of about 15% in the past few years, and we believe there is much more potential for growth here.”
The company will be investing in expanding its workforce in the country, both in the sales segment and implementing an India-specific design section. The India-focused design section will be working closely Ms. Kimberly Morgan, Design Manager, and provide support for Shaw’s hospitality and commercial carpet businesses.
Shaw intends to develop more collections specific to India’s architecture & design requirements.
These investments are important for its further penetration into key Tier-2 cities such as Chandigarh, Pune & Ahmedabad. The company will also be focusing more into north India, primarily the Delhi-NCR region.
Shaw’s new collections will also be showcased in their upcoming 4,000 sqft showroom in Bangalore.
Corporate Comm India(CCI Newswire)