QNet Aims Premium Watches, Jewellery to Be 40 Pc of Product Mix in India

Publication:latestly.com

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Date: August 7, 2020

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Direct selling firm QNet Ltd is ramping up its product portfolio for the Indian market, and aims premium watch and jewellery segment to constitute 40 per cent of its offering by 2022 or early 2023, a top company executive has said.

Over the next two years, QNet will have a lot of focus on product development and marketing strategy for India, Rishi Chandiok, Regional Director, South Asia, QNet, said.

'Premium jewellery and watch segment is a very important portfolio. Our Chairos brand watches are very famous in India. We are hoping our jewellery and watch segment will be 40 per cent of our product portfolio in the next two years, by the end of 2022 or early 2023,' Chandiok said in a telephonic interview with PTI from Singapore.

The consumer demand in this segment is still growing, he noted.

Among others, the health and wellness product lines such as Nutriplus health supplements range, monofloral honey, herbal tea are expected to be constituting 20 per cent of the overall product mix in the next two years, he said.

The company has also launched luxury dining products under Oritsu brand in India around three months back, he said.

'It is for gifting purpose and for superlative dining. It is a right product for gifting on Diwali and other occasions. These are premium products which have got 24 carat gold plating and platinum embedded as glaze,' Chandiok said.

This home and living segment is a new thing that QNet is really pushing in India, he said.

This new segment along with existing consumer durable products such as Sharp QNet, Kent QNet and Airpur Zyan are slated to form 20 per cent of the overall product range. The rest of 20 per cent will be for personal care and beauty range, he added.

The QNet official said that even as the Indian direct selling market constitutes only 1 per cent of the global share, it holds a lot of promise as the CAGR (compounded annual growth rate) of the industry stood at over 12 per cent by the end of 2019 from a mere 4 per cent during 2012-14.

He said as more clarity emerged from the government post October 2016 with respect to industry self regulatory guidelines, the direct selling industry in India has gained more confidence in terms of operations.

The company's revenue from India operations was around Rs 600 crore during 2019-20.