Anchor Electricals Private Limited, a wholly owned subsidiary of Panasonic, today announced the modification of its legal entity to "Panasonic Life Solutions India Private Limited", effective from 1 April 2019.
With this, the brand has also changed its corporate identity from "Anchor by Panasonic" to "Panasonic".
"We want to be a billion dollar company by 2021-22, which means we should grow with a CAGR of 15% on sales and a CAGR of 17.5% on profits", said Vivek Sharma, MD, Panasonic Life Solutions India Private Limited.
Last year, the profits of the company grew by 32% and sales grew by 16%.
However, the positioning for the two main brands remains the same, with Anchor pointing to the value for money segment and Panasonic targeting the premium segment of the market.
With this step, the Panasonic Life Solution Private Limited brand will also enter a new category of modular kitchens, currently being launched.
"Panasonic's plans for India are the hub for expansion in South Asia, West Asia and Africa. Currently, our exports are around 1% of our sales. Our intention is to bring it to 10%, "said Sharma.
Exports will include lighting, indoor air quality (IAQ), switches. It is setting up a new export team in India.
If there will be some synergy with the Panasonic electronics business, Sharma said: "The two companies stand out. They have a different identity. The goals from the point of view of the organization are different. However , even if there seem to be contrasting styles, there will be some synergies because both companies, on the back-end, are moving towards B2B operations.The goal will be to share, cross-sell each other's strengths and offers of products ".
Companies are creating a common sales team, which takes the strength of both companies and offers consumers with more options.
The other product categories that Panasonic Life Solutions India will support will be the IAQ and lighting segments.
"The size of the sector is huge for both of us and we are not among the top three brands, while internationally, Panasonic is the number three brand in both lightning and IAQ. So, we want to get this right by placing ourselves in the leadership position in these two categories, "he said.
In addition to this, it plans to consolidate its position among the wiring devices, in which it currently holds a 40% market share. In the lighting category, it plans to increase its market share from the current 4% to 10%, from 3% to 7% in the IAQ and from 6% to 12-13% of the electrical panels.