Godrej locks aims for 50% market share, focuses on affordable new products

Lock and security solutions company Godrej Locks has said it aims to increase market share from 30 per cent to 50 per cent in three years, riding on a new range of affordable products and reduced prices of existing ones.

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Shyam Motwani, business head for Godrej Locks and architectural and systems, said the company's newly-launched products are over 50 per cent affordable than the existing locks, while efforts have been undertaken to make the existing locks cheaper by 7-8 per cent.

The company will rely on new affordable range and price cuts in the existing locks to achieve the objective of having the dominant market share in around three years, Motwani told.

The target is to grab 50 per cent market in the segment from the current 30 per cent, Motwani said, adding that the company sees a massive opportunity for its products in the tier2,3, 4 cities and towns.