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TTK Prestige Sees India Kitchen-Upgrade Cycle Widening
MD Venkatesh Vijayaraghavan said the replacement cycle has spread from induction cooktops to cookware and small appliances. Kitchenware capacity has expanded 50-60%, with induction capacity nearly doubling as demand grows 150% a year.
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TTK Prestige is seeing the Indian kitchenware replacement cycle broaden well beyond induction cooktops, with consumers upgrading pots, pans and small appliances for better design and materials, the company's top executive said.
The trend that started with induction cooktops has spread into cookware, pressure cookers and small domestic appliances, Managing Director and Chief Executive Officer Venkatesh Vijayaraghavan said. The company has added 250 to 300 stock keeping units over the last two years to capture the shift, he said.
TTK Prestige has expanded kitchenware capacity by 50% to 60% and expects it to nearly double from two years ago by the end of this year. Induction capacity has also nearly doubled. Demand for the induction category is growing about 150% year on year.