While offline business has become normal, the online modern retail business is showing tremendous growth. With the coordination of both, the market has now become free from the shadow of Corona.
What have been the main milestones of Stovecraft's journey in the couture industry so far?
The journey started at a simple pottery shop in Bangalore. The desire to do something different inspired us to make a gas stove. Then started selling chulhas under cobranding with gas connections. Lovecraft soon became the largest manufacturer of gas cooktops in the country. The pressure cooker became our second major product. Gradually, Lovecraft became fully established in the cookware industry of the South.
You mentioned the challenges of the Covid era. What were those challenges and how did Stovecraft tackle them?
The experience of the COVID period was different for the cookware and kitchen appliance sector. The demand for our products had increased instead of decreased. It was the era of working from home. Men were spending more time in the kitchen than with women. People were demanding products online. But, the problem was supply. Continuing production and keeping costs under control was a big challenge in Covid. The plus point was that we made most of our parts ourselves. Shutting down offline business channels was a challenge, but thanks to online channels, we survived.
Cheap internet and e-commerce revive Lovecraft
If there was no online shopping, our business would have gone to hell. Shops, godowns, and outlets were closed. In such a situation, the online sale became a boon. The good thing was that Lovecraft was already ready on online channels. Our e-commerce business ratio is one of the highest in the industry.
The decision to IPO after Corona was shocking. How was the experience?
We got an investment from Sekua Capital in 2010. After a few years, he withdrew the money. So around 2018-19, we planned a public issue. But, the issue got averted due to some glitch. Later Covid came. After the first round of Covid, we got ready again and went into the field. Received good response from investors.
But, the company's stock price is trading well below its all-time high.
It's the reason. The business of the cookware industry is seasonal. The first and last quarters are mild in our market. Festive demand peaks only in the second and third quarters. This season runs from Onam to Christmas-New Year. Hence the advice to investors is to focus on the annual turnover in respect of Stovecraft or any other cookware company. The annual turnover of the company has now crossed 1100 crores.
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