Imagine Marketing ramps up local production to intensify global reach

By Ayushi Garg  | Date: 2022-09-26

Imagine Marketing ramps up local production to intensify global reach

The parent company of wearables brand boAt, Imagine Marketing Private Limited, has reportedly declared its intention to transform into a made-in-India global lifestyle brand name by expanding its foreign footprint. The company is waiting for regulatory approval for a public offering of shares worth USD 134 million, of which USD 110 million will comprise a new issue and the rest will be an offer-for-sale.

The co-founder and Chief Marketing Officer, Aman Gupta, cited that Imagine Marketing plans to extend its make-in-India strategy further as demand & market reach increase, and intends to produce 6 million units (almost twice its current output) in H1 of FY23. This would enable it to offer goods to consumers quickly and at more affordable prices.

Imagine Marketing was founded in 2013 in Mumbai by Sameer Mehta and Aman Gupta. It provides a product portfolio spanning from smart wearables and audio gear to personal grooming goods and smartphone accessories.

As per International Data Corporation (IDC) India's wearable devices record for the month of August 2022, the consumer electronics giant has been leading the market in the overall wearables category with over 40% revenue share, for the third consecutive year.

Gupta stated that Imagine Marketing is looking to expand its core audio and wearables segments into overseas markets. He added that the company intends to expand its supplier and contract manufacturing networks by gaining more investments in this endeavor.

According to Gupta, the business already enjoys solid connections with well-known technology players like Bharat FIH Limited, Realtek Semiconductor Corporation, Dolby International AB, Google LLC, Airoha Technology Corporation, and one of its shareholders Qualcomm Inc.

Besides, the firm employs an effective omnichannel approach, seeking to make its products easily accessible on platforms such as Flipkart, Amazon, Paytm, Myntra, and others. The brand is also sold in over 20,000 stores right across the country, including retail outlets like Vijay Sales, Croma, and Reliance Digital.

Source Credit:

https://economictimes.indiatimes.com/industry/cons-products/electronics/ipo-bound-boat-parent-to-scale-up-local-manufacturing-for-global-expansion/articleshow/94436540.cms

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Ayushi Garg     aeresearch.net

Ayushi Garg

Currently working as an associate content writer, Ayushi pens down insightful articles for several websites. She began her profession by taking classes in digital marketing to broaden her skills. Given her passion for writing, she took up several freelancing projects ...

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