Stovekraft Celebrates Twin Achievements - Opens 150th Store; Bags Award for Retail Excellence

Fosters employment in Tier II & III cities across India; overcomes intense competition to win the 'Retailer of the Year' award in the Kitchen Appliances category

BENGALURU, India, Feb. 28, 2024 /PRNewswire/ -- It's double celebration time at Stove Kraft Ltd. This leading name in the kitchenware industry announced the opening of its 150^th retail store in Jayanagar, Bengaluru, and also bagged the prestigious 'Retailer of the Year' award in the kitchen appliances category at the Asia Retail Congress, Mumbai.

Embarking on its retail journey only 15 months ago in June 2022, Stovekraft expanded to 100 stores in September 2023, and now 150 stores in January 2024, a milestone in the company's growing retail presence in India. Thus, in just 5 months, the company added 50 stores to its retail chain, which currently employs more than 350 people.

Announcing that it has bagged the prestigious Global Award for Retail Excellence, Stove Kraft Ltd., a modern cookware and lighting solutions player with 1,000+ products under its belt, said in the race to the podium, it faced intense competition from prominent brands. Stovekraft, however, emerged triumphant, securing the coveted title of 'Retailer of the Year' in the Kitchen Appliances category in an exclusive event organized by Asia Retail Congress in Mumbai recently.

The two events mark a significant moment in the company's growth journey and also reinforce its dedication to empowering and supporting the Indian workforce. By extending its retail footprint into tier 2 and 3 cities, the company has aided employment opportunities in cities beyond metropolitan areas and increased accessibility of innovative kitchen essentials to all. At the same time, the award is a vindication of its efforts to make cooking a joyful experience for everyone.

Speaking on these milestones, Mr. Rajendra Gandhi, Managing Director, Stove Kraft Ltd., said, "We are thrilled at expanding the reach of our range of kitchen essentials closer to consumers across cities in both metro and non-metro areas. Through this effort, our focus is to create numerous job opportunities, support local talent, and contribute to the overall economic growth."

"At the same time, winning the Global Excellence Award 'for Retailer of the Year' is a testament to our relentless dedication to delivering exceptional products and services to our valued customers."

The Centre for Monitoring the Indian Economy (CMIE) estimates that the overall unemployment rate in India is 7.95 percent as of July 2023. As businesses expand, they act as catalysts for employment, providing new opportunities to individuals across regions. As the nation steers towards empowering women in the workforce,Stovekraft has been consistent with initiatives to provide skill development to women and make them an important part of the company's workforce. Currently, 80 percent of Stovekraft's workforce is women.

In the effort to promote a culture of entrepreneurship, innovation and inclusivity, Stovekraft had earlier rolled out an exclusive franchisee opportunity for women with zero capex investment. This initiative received a good response and more than 500 women entrepreneurs applied for the opportunity.

This pioneer in innovative Cookware, Kitchenware Appliances, and Consumer Lighting is also investing in creating more outlets through the Company-Owned, Franchise-Operated (COFO) model, which will ensure greater entrepreneurial participation at lesser capital outlay.

Stovekraft is now present across Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Kerala and New Delhi. The brand recently expanded in the Northern market, with currently 4 stores in New Delhi. This has created a substantial number of employment opportunities for individuals with diverse skill sets and backgrounds. Next on the agenda is expansion in Western India and further penetration in the North.

Stovekraft acknowledges its role in contributing to the economic landscape of the regions in which it operates. The company remains steadfast in its mission to set new benchmarks in the kitchenware industry, and this milestone is a testament to the company's vision for the future. The brand continues to innovate, ensuring that it stays at the forefront of providing cutting-edge and reliable kitchen solutions to its valued customers.

Stove Kraft Ltd.

Stove Kraft Ltd. (NSE: Stovekraft) (BSE: Stovekraft) stands as India's premier kitchen appliances brand, established by Mr. Rajendra J Gandhi. Evolving from kerosene wick stoves in 1994, it now offers 1000+ products under Pigeon, Gilma, Black & Decker, and Pigeon LED. With a turnover exceeding Rs. 1000 Cr., its presence spans the nation through 600 distributors, 75,000+ retail touchpoints, 150 company-owned Pigeon Exclusive retail stores, and 60 Exclusive GILMA stores. Stovekraft's global footprint encompasses 14 countries, including the USA, Middle East, and Africa, serving clients like Walmart and Big Lots.

Stovekraft has the largest manufacturing facility for kitchen appliances in the Harohalli Industrial Area, Near Bangalore. The second manufacturing unit is at Baddi, Himachal Pradesh.