October 15, 2014: Chinese firm Opple opens LED store in Chennai. Opple Lighting, a Chinese lighting solutions major, which has presence in 50 countries, has opened its first ?experience store? in the Indian southern city Chennai. Aiming to tap the potentially huge LED market in India, Opple promises to sell its international quality LED products in India cheaper by at least 10-15% compared to the products of other market leaders in India.
The Chennai Opple store
The 2000-sq ft ?experience store? in Chennai will showcase its LED products and offer a special consulting service for lighting design solutions, wherein Opple experts will help consumers understand and implement the best lighting solutions for their home and offices.
Opple?s investment in India
Opple will invest ?60 crore in the next three years to set up 30 such large format exclusive brand outlets across the 30 major cities in India. ?We are targeting a turnover of ?450 crore from our operations here in the next three years,? said S Venkataramani, Chairman, Opple Lighting India, a wholly-owned subsidiary..
According to Venkataramani, the lighting industry in India is worth ?12,000 crore, and growing at 17-18% year-on-year. Within this, the LED lighting segment is clocking over 40% growth, he said, quoting Electric Lamp and Component Manufacturers Association of India.
India has started transiting from compact fluorescence lamp (CFL) to LED lighting, and hence has a huge potential LED market for brands such as Opple to capitalise on the opportunity. ?We believe India is potentially an $500 million LED market by 2017 and we are poised to harness this opportunity,? said Venkataramani.