Homegrown bath brand Jaquar, with presence in over 30 countries across Europe, Middle East, Asia-Pacific and Africa, has acquired South Korean luxury shower Joeyforlife along with its entire designing and R&D units.
Joeyforlife is a pioneer in conceptualising and designing shower products and Jaquar Group has acquired 51 per cent stake in the South Korean company. The Rs 2,336-crore Jaquar Group has acquired Joeyforlife for under $2 million and also plans to invest Rs 150 crore in setting up a brownfield facility in Korea by next year.
Speak to Business Today post the acquisition, Rajesh Mehra, Director & Promoter, Jaquar Group said that the new acquisition would double its production capacity to over 100,000 faucets per day. "We are keenly looking at expanding the shower market with the Korean acquisition to enhance our position globally. Joeyforlife - our new South Korea luxury shower maker - is way ahead in the R&D of such products that will help us to make Jaquar an evolve brand in global markets as a complete bathing solutions' company."
Set up in 1960, Jaquar is one of the fastest growing bath brands with over 60 per cent market share in faucets in the Indian organised bathroom fittings market. Currently, the Group delivers over 1.5 million bathrooms every year and produces over 22 million bath fittings annually. With a workforce of 6,374 employees across the globe and 770 highly trained technicians for customer care services, the company is aiming for a turnover of Rs 3,000 crore for the current 2016/17 fiscal.
Jaquar plans to foray its mother brand into the South Korea market and work with Joeyforlife to enter regional South-East Asian markets like Indonesia, Malaysia, Myanmar and Vietnam. "An orientation centre to display our complete range of products will be set up in Seoul for latest product display. We estimate to double the contribution of international business to 10 per cent of our turnover in the next three years," Mehra added.
The company is aiming to use the distinctive R&D technology of Joeyforlife to create unique product portfolios for the consumers who aspire for experiential designs. Their proprietary customised luxury shower head for high end market would be brought to India under the Korea expertise to usher a change in the bathing industry.