DUTCH household appliances company, Princess International Co Ltd, expects revenues from Asia to account for 40% of its global sales (excluding the US) within the next three years, against 25% now, said president Aad Ouborg.
We're doing very well in the Far East (Asia) market. Our business here is growing fast. The Far East and US markets like the (Princess) European design, he said after the company signed a co-operative agreement with Pensonic Holdings Bhd in Kuala Lumpur on Saturday.
Ouborg said Princess was among the few firms that registered fast growth despite the slow economy in the last few years.
The company, established in 1994, registered a turnover of 60 million euros last year and the figure is expected to hit 85 million this year. It has a presence in more than 65 countries via distributors, such as Pensonic, except in the US where it deals directly with consumers via direct response TV.
Pensonic was appointed sole distributor of Princess in Malaysia in October and has since been expanding the presence of the brand in the local market.
The acceptance of Princess has been great in general; in chain stores, among interior designers, and from redemption and promotion companies. We expect good sales volume, Pensonic managing director Dixon Chew said, but declined to comment on the volume Pensonic expected.
There are more than 300 products under the Princess brand, of which only about 40 are available in the local market for a start. More products would be introduced by year's end, Chew said.
He said Princess targeted the upper-middle and upper-class market segment, complementing the Pensonic range of appliances which catered more to the middle-class market segment. Pensonic would tap its network of more than 800 dealers nationwide to target the niche market.
We've appointed the first 100 dealers to distribute Princess products. Later, we'll appoint the next 100, Chew said.
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