Electrolux introduces new kitchen range
Most recently, Electrolux, which has been considered as world number two home appliances maker, has introduced an upmarket kitchen range. Electrolux is a Swedish multinational home appliance manufacturer headquartered in Stockholm, Sweden. Though the world economy is suffering due to a slowdown, Electrolux is expecting a boost in the business and the new range will be targeting the mass as a part of their business plan and through this, Electrolux is trying to bounce back and regain their position in the market. The launch of the Grand Cuisine, which is a new product category the company estimates could be worth about 4 billion euros, is part of its plans to boost margins via premium-range goods and give itself a design edge. Though, recently, British luxury fashion brand Burberry has stunned the market with a profit warning, the company is expecting to gain profit. Electrolux chief executive Keith McLoughlin has commented, “There is a weak macro environment, there is no doubt.”
The new range of products released by Electrolux will have a starting price of about 80,000 euros, excluding a luxury Molteni stove. Electrolux authority has proclaimed that it was the first time a professional kitchen was being launched on the consumer market to “fully recreate Michelin-star restaurant experiences at home”. McLoughlin, who is the chief executive of Electrolux, has opined his view about the organization. He proclaimed that the company, which launched the kitchen in London and would proceed to other cities, had seen a gap in the market for people who enjoyed cooking and would be ready to spend about 100,000 euros on fitting out their kitchen. He later said, “This is a very small niche globally.” The company estimated about 50,000 households fell into the category the kitchen was aimed at, a market worth about 4 billion euros.