New Delhi, Jan 31: Amway India Enterprises today said its turnover has increased nine per cent to Rs 800 crores in 2007 as compared to Rs 738 crores last fiscal. In 2008, the company is targeting an overall growth rate of 20 per cent and a turnover of Rs 950 crore,'' a company statement said.
In terms of product category performance in 2007, 'Nutrition and Wellness' contributed over 55 per cent to the overall business, it added. ''India is among the fastest growing direct selling markets in the world. The year witnessed two very significant initiatives--the launch of the colour cosmetics range of products and the launch of a television commercial--which propelled our growth,'' said Amway India MD and CEO William Pinckney.
Outlining the plans for 2008, Mr Pinckney said, ''this fiscal will see us come up with a new aggressive strategy for the burgeoning semi-urban markets. Our plan is to expand the product basket keeping in mind this section of the market, which is still predominantly a price sensitive market.'' The company will be sprucing up the infrastructure and add 100 more Amway touch points and two lakh distributors, predominantly in Tier II and Tier III cities.
''We are confident that all these initiatives will drive growth and help us achieve the 20 per cent growth that we have projected,'' he added.