Stove Kraft to acquire a new business foray
Stove Kraft rose 3% to Rs 1002.80 after the company announced its plan to enter branded modular kitchen segment with its factory made Ready to Assemble (RTA) kitchen. Stove Kraft has the advantage today to enjoy a pan-India presence in the cookware and kitchen appliances segment through its flagship brand Pigeon.
The company said that the addressable market for branded modular kitchen industry in India is currently estimated to be around Rs 12,000 crore and expected to grow at a CAGR of 20%.
Also, the penetration is predominately limited to large cities and a large portion of the segment is still unorganized/unbranded comprising of local carpenters/contractors/builders, small retail operators and architects, it added.
Stove Kraft also mentions that its RTA kitchen will be a standard offering catering to majority of the kitchen shapes, with dedicated modules of wall cabinets, floor cabinets and tall units along with multiple colour options, both in contemporary & classic.
"In addition to this, Stove Kraft will also create a seamless IT based CRM system which will offer customers a delightful experience ensuring right design to installation from the comforts of their home."