Expect India to be growth driver: Amway

The company also aims a sustained double-digit growth in the next five years in India, a market which it is expecting to break into its top-five global markets in the mid to long term.

“Of course, we do. The size and the scope and the breadth of the Indian market, we see it as a huge growth driver for us globally,” Amway Inc Co-Chairman Douglas L DeVos told in an interview.

He was responding to a query on whether Amway believes that India can be among its top-five global markets. Currently, the country is ranked seventh after China, US, South Korea, Japan, Thailand and Taiwan.

Amway has already set a target of $1 billion sales in India by 2025. In 2017-18, the direct selling firm had sales of Rs 1,800 crore and expects to touch Rs 2,000 crore in 2018-19.

Commenting on the company’s ambitions in India, DeVos said: “We have grown at a rate of 7 per cent now, so we are going to have double digits in the near future. We believe that is the pace we can maintain certainly for the next five years and hopefully even accelerate.”

The growth will be driven by the company’s existing products besides new introductions such as the locally developed herbal range.

He said some of the markets like Thailand and Malaysia have already expressed interest in the herbal products from India.