New Delhi:Direct selling company Amway is looking at trebling its sales in the country to up to Rs 6,000 crore over the next ten years, a senior executive said on Monday.
“We are looking at trebling our sales to Rs 6,000 crore from the current Rs 2,000 crore in 10 years,” Amway India General Manager Anshu Budhraja told PTI on sidelines of an event here.
Even as direct selling has seen a significant downturn globally, Amway has bet big on India and has invested in a Rs 600-crore manufacturing plant despite several regulatory hurdles plaguing the sector.
It currently has 150 physical stores, 65 warehouses, and delivers to 9,000 pin-codes, Budhraja said.
In the domestic market, direct selling is currently regulated by the Prize Chits and Money Circulation Schemes Act where lately several schemes have come under the government scanner with its executives getting arrested for frauds.
Last year, Amway’s India chief executive William Pinckney was arrested by Kerala Police citing violation of laws.
“No business has stopped because of ambiguity. Despite all the hurdles, we are confident of the market here,” Budhraja added.
The company is looking to make India the manufacturing hub for neighbouring countries in South Asia and is looking to produce nutrition and cosmetic products here, he said.
He also expects the direct selling market in the country to explode, growing to Rs 67,000 crore in the next ten years from the present Rs 7,200 crore.
“It is a great self-employment opportunity and in the next ten years, the number of direct sellers are expected to grow to 18 million from the current 5 million,” Budhraja said.
Amway is looking at digital engagement as a key enabler of business.
“Presently, 65% of business comes through direct selling and 35% comes through e-commerce,” he said, adding that like most retail businesses, direct selling should also leverage the facility offered through online shopping.