Ricatech to foray into Indian market; eyes US $40 mn revenue in 2017-18

Dutch luxury audio electronic brand Ricatech is making a foray into the Indian market and eyeing a revenue of US $40 million in 2017-18.
“India is a very promising market keeping the luxury segment in mind and I firmly believe that the time is ripe for any luxury or premium brand to enter India. We are entering the Indian terrain by launching the Amitabh Bachchan jukeboxes,” CEO, Ricatech, Richard Singh told PTI adding that revenue expectation from India is US $40 million in 2017-18.
According to a PTI report: The retro style electronics firm that makes MP3 players and luxury jukeboxes is lining up US $2 million to enter the country and sees a good market for its first product Amitabh Bachchan jukebox, a collector’s item.
“The Amitabh Bachchan jukebox is a very premium and exclusive segment and will be one of a kind limited edition luxury product,” he said, adding that the jukebox will be imported, delivered and installed by Ricatech directly.
The company, which is targeting Mumbai and Delhi, also looks to launch retro jukeboxes, record-players, radios, accessories, headphones and bluetooth speakers in India, catering to the mass segment.
“The lifestyle range like record-players, radios, headphones and bluetooth speakers that we will be launching at a later stage will be going through retail stores and e- commerce platforms,” he was quoted by PTI as saying.
The company is also in talks with retailers and e- commerce players like Croma and Amazon to understand specific local demands in India and develop and launch the products based on them.
On manufacturing its products in India, he told PTI, “the production of the Amitabh Bachchan jukebox takes place in California, USA. We are not planning to move that because the machines, tooling, and staff with a lot of know-how is located in the USA. In our future projects, we do look at the possibilities of Make in India.”