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.
The monsoon has begun to withdraw from North India. For the past few days, several states, includ
Tanya Mittal, who is seen in the reality show Bigg Boss Season 19, is known for flaunting her wea
Even after the announcement of imposing a 50 percent duty on India, the government will have to p
Lok Janshakti Party chief and newly elected MP from Hajipur Lok Sabha constituency Chirag Paswan
Rajasthan Royals team will play its 13th match on Wednesday against Punjab Kings, who are out of
Royal Challengers Bangalore (RCB) has announced the new captain for the upcoming IPL season. RCB
Established in 1875 during the British period, the Indian Meteorological Department (IMD) is goin
In 2023, the country will celebrate its 74th Republic Day. This time the chief guest will be the
Amid rising tensions in West Asia, the Indian government is keeping a close watch on the supply a
Violence continues in Manipur. Meanwhile, the central government is holding meetings to stop this
