MUMBAI: Reliance Retail has acquired home appliances brand Kelvinator for India from Sweden’s Electrolux as it looks to expand market share in the consumer durables space, stepping up competition against global and local giants such as Samsung and Tata’s Voltas in the market.
Reliance Retail has already been holding manufacturing and distribution rights for the brand in India since 2019 through a licensing deal signed with its Swedish owner. The company did not disclose the financial specifics of the deal. In an earnings update, Electrolux, however, said that it has realised a gain of about $18.5 million (around Rs 160 crore) from the divestment of the Kelvinator brand in India.
A licensing deal is typically signed for a certain period of time; a full acquisition expands a company’s scope and coverage for the brand.
Kelvinator which sells a range of premium refrigerators , washing machines and air conditioners had first entered India in 1960s and became popular in the local market in the 1970s and 80s before competition in the space intensified. The brand has had a chequered history in India—Whirlpool for India had acquired the brand in 1995 to gain access to the refrigerator category and later it went on to get acquired by Videocon Industries in the mid 2000s, eventually being relaunched by Reliance Retail in 2019.
Reliance Retail already sells Kelvinator products through Reliance Digital stores, e-commerce platforms and its general trade partners. Flexible payment schemes and EMI plans offered by brands have fuelled appetite for premium consumer durables, broadening the customer base for the segment. Reliance Retail said that it will leverage its vast retail network and Kelvinator’s expertise in innovation to boost its growth in the premium home appliances market.
“The acquisition of Kelvinator marks a pivotal moment, enabling us to significantly broaden our offering of trusted global innovations to Indian consumers. This is powerfully supported by our unmatched scale, comprehensive service capabilities and market-leading distribution network,” Isha M Ambani, executive director at Reliance Retail Ventures said in a statement.
Reliance Retail has already been holding manufacturing and distribution rights for the brand in India since 2019 through a licensing deal signed with its Swedish owner. The company did not disclose the financial specifics of the deal. In an earnings update, Electrolux, however, said that it has realised a gain of about $18.5 million (around Rs 160 crore) from the divestment of the Kelvinator brand in India.
A licensing deal is typically signed for a certain period of time; a full acquisition expands a company’s scope and coverage for the brand.
Kelvinator which sells a range of premium refrigerators , washing machines and air conditioners had first entered India in 1960s and became popular in the local market in the 1970s and 80s before competition in the space intensified. The brand has had a chequered history in India—Whirlpool for India had acquired the brand in 1995 to gain access to the refrigerator category and later it went on to get acquired by Videocon Industries in the mid 2000s, eventually being relaunched by Reliance Retail in 2019.
Reliance Retail already sells Kelvinator products through Reliance Digital stores, e-commerce platforms and its general trade partners. Flexible payment schemes and EMI plans offered by brands have fuelled appetite for premium consumer durables, broadening the customer base for the segment. Reliance Retail said that it will leverage its vast retail network and Kelvinator’s expertise in innovation to boost its growth in the premium home appliances market.
“The acquisition of Kelvinator marks a pivotal moment, enabling us to significantly broaden our offering of trusted global innovations to Indian consumers. This is powerfully supported by our unmatched scale, comprehensive service capabilities and market-leading distribution network,” Isha M Ambani, executive director at Reliance Retail Ventures said in a statement.
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