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Street, one of the fastest
growing global companies specializing in consumer electronics and
related products, has forayed into the Indian market. With this, the
company is going to make its full array of IT peripherals, telecom
and lifestyle digital accessories available in India. The company has
also bagged an exclusive license from Disney for certain product
categories in India. On this occasion, the company also introduced
German model Claudia Ciesla, as its brand ambassador for the Indian
market. While Hip Street is already operating in Canada, the US, and
South America, the South Asian market, headed by India, is a very big
focus for the company. In fact, India is going to be the hub for the
whole South Asian market. Mohit Kripalani, president, Hip Street
said, “We are a consumer electronics company with a focus on
innovation and providing breadth of products and value to consumers.
In India, our mantra is going to be on affordable innovation. We
understand that consumer expectation is very high in the Indian
market and they look for value in any product. We see the market
growing exponentially here in India and over the next 5 years, it is
going to be in tune of $10 mn.” “We have been steadily expanding
our presence across the globe and India is yet another significant
milestone in our rapidly growing international footprint. Our entry
into the Indian market allows us to cement our commitment to the
region and work more closely with our customers and partners in this
all important market,” added Kripalani.
As per the views of Sukesh Madaan,
GM- South East Asia, Hip Street, the market is evolving every year.
The company's strategy would be to remain ahead of competition by
offering innovative products to this market. Hip Street's strength
is that it is a global player which certainly gives the company a
competitive advantage over other players in the market. In the first
year of its operation, Hip Street is looking at expanding the channel
partner base and strengthening its market presence. Through their
distribution partners- Global Infonet, Ingram Micro, and Fortune
Marketing, their range of products will be available across channel
and large format retailers in the country. Since the company is very
strong in online selling and home shopping through TV channels in
Canada, it wants to replicate and optimize the same strategy to
penetrate the Indian market too. Apparently, it has already tied up
with 'LetsBuy.com' and online portal 'Via.com' where Hip
Street products are already available. In addition, the organization
will be spending a considerable amount on innovative marketing
activities to build the brand in the region. “The company follows a
3-tier distribution model in the country. Global Infonet is working
with 10,000 partners in India and we will take the help of Global to
reach out to these many partners. Besides, we have already signed up
with 30-40 regional distributors.
At present, we are working with
around 400 partners in the country, who already have stocks of Hip
Street. Additionally, we will also be working through LFRs, online
stores and home shop TV channels,” asserted Sandeep Ramani, country
manager, Hip Street India.