Funskool – The New Indian Express
Express news service
CHENNAI: With children stuck at home due to the pandemic and high feelings against Chinese products, toy maker Funskool aims to seize the opportunity and expand its market share, both at home and abroad. foreigner.
The Chennai-based toy maker expects its exports to grow 15-20% this fiscal year and also expects solid growth in the domestic market as it expands its product portfolio and ramps up production. The toy maker currently has two manufacturing units in Tamil Nadu and one in Goa.
To boost sales, the company recently launched a series of educational toys and board games after a thorough review of current customer needs and consumption patterns, Funskool India CEO R Jeswant told TNIE.
New product launches are a key aspect in maintaining brand relevance and Funskool claims to have a strong line.
âThe toy industry thrives on novelty. We must continually bring new products to our customers at affordable prices to keep them connected. In these times of change, when schools are closed and home learning is stressed, we are focused on developing innovative educational toys such as abacuses, puzzles and word games, and the demand is overwhelming â , said Jeswant.
The toy industry in India is largely unorganized, which has helped lead to a massive influx of toys made in China. But, if Chinese toys are banned in the country, then Funskool can easily fill the void, Jeswant said.
âOur three manufacturing units are well equipped to meet growing demand and we can increase our production at any time. In addition, our dependence on Chinese markets for molding materials and tooling for making toys is very limited, âhe added.
The company had lost its peak business season this year – summer vacation – due to the lockdown. However, demand has started to pick up now, says Jeswant.
âWe have export orders slated for the next three to four months. Our exports are growing much faster than our domestic sales. Interestingly, we get a good demand from places like Africa, Mongolia and the Maldives, âhe said.
In the domestic market, the company will also focus more on sales through e-commerce websites.
âWe see a bright future for us in the long term as the Indian toy market has enormous growth potential. Currently, the Indian toy market is only 0.5% of the global toy market, but over the next ten years it will experience significant growth. We leverage our infrastructure and constantly focus on our research to tap into the market, ânoted Jeswant.
As for the product pipeline, Funskool is set to launch a line of wooden toys, as more and more parents have recently chosen to buy environmentally friendly products. With kids spending more time watching cartoons online, the company is also considering launching toys based on cartoon characters.