Leading home appliances brand Pigeon has opened its 100th store in South India. The company currently has a pan-India presence through multi-brand offline stores. Pigeon is also among the most popular cookware brands on e-commerce platforms.
Stovekraft has the single largest manufacturing facility for kitchen appliances in the country in Bangalore, Karmataka and another manufacturing unit at Baddi, Himachal Pradesh. Currently, the company’s human capital consists of over 2,500 dedicated employees.
Mayank Gupta, Chief Growth Officer, Stovekraft wrote on his Linkedin post, “We embarked on our retail journey only 14 months ago in June 2022. In this remarkably short span, the team have achieved the milestone of expanding to 100th exclusive store in South India.”
“Our retail expansion plan is set to continue its momentum over the next few years, expanding across the geographies of India”, he added.
The company’s flagship brands, Pigeon and Gilma, each have a unique customer proposition and different go-to-market strategies, and are present across the India. Both brands offer premium kitchen solutions through its wide range of products including pressure cookers, non-stick cookware, gas and induction cook tops, mixer grinders, chimneys and hobs among others.
Stovekraft has carved a niche for itself in the overseas market as well, garnering extensive global presence across the Middle East, Kenya, Uganda, Qatar, Sri Lanka, Fiji, Bahrain, Kuwait, Oman and Tanzania. The company also counts Walmart, Big Lots, and Belk in USA as its esteemed clients.
Stovekraft reported annual sales of INR 1,280 Cr for FY 2022-23, a growth of 12% over the same period during FY 2021-22 when it was INR 1,134 Cr.
The company’s expenses grew 2x from INR 6.30 Cr in FY 2021-22 to INR 11.50 Cr in FY 2022-23. Net Profit for FY 2022-23 was INR 35 Cr vs INR 56 Cr in FY 21-22.
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