NAIROBI, Kenya, Nov 29 – Fast moving consumer products manufacturer Haco Tiger Brands (HTB) says it plans to introduce three new products into its portfolio this year as it seeks to increase its market share.
With 22 products in its current offering, the company plans to introduce new products into the market given the resilient purchasing power that has been shown by Kenyan consumers.
Haco Tiger Brands Managing Director Polycarp Igathe said on Tuesday that despite challenging macro economic conditions, the company is still keen on introducing consumer products with a view of growing their revenues.
“We believe this is the right time to get into the market because it can only get better for us,” Igathe said.
One area the manufacturer has been keen on is the food manufacturing business, a move aimed at reducing reliance on home and beauty care products which face stiff competition from cheap imports and counterfeits.
Currently, through its strategic partnership with Tiger Brands of South Africa, HTB imports all its food products, and the plant has been seen as an ideal way of cutting costs, making it more competitive in the packaged foods market.
Haco Tiger Brands currently manufactures and distributes stationery, personal care hair products and household detergents from its Nairobi plant.
Speaking during the launch of a Sh20 million campaign in re-branding its flagship product Bloo toilet cleaner, Igathe said the focus for the company would be to target the youth, urban population and the public sector by deepening its portfolio.
“We have very competitive brands in the market so far but we would like to deepen the penetration of these products to make us more competitive and grow our market share,” Igathe said.
Igathe said although counterfeits still pose a threat to their business, they were satisfied with the commitment that the government has shown in the fight against the substandard goods.
“We are appealing to the government through our association of manufacturers to strengthen the regulator (Kenya Bureau of Standards) to protect consumers and us as players to do the right things even as we look to make profits,” he said.
In 2008, Haco Industries sold a 51 percent stake to Tiger Brands from South Africa in a bid to increase its market share in the Fast Moving Consumer Goods segment.
Haco Tiger Brands recently received the prestigious Big Cat – People Award during the Tiger Stripes awards gala held in Johannesburg, South Africa. It beat 50 other subsidiaries owned by Tiger Brands across Africa as the ‘Best Company to Work for’ according to a survey conducted by Deloitte.
Igathe said the award was an indicator of the successful integration between two companies to make a profitable and exciting company.
“This is a confirmation that partnerships between South African and Kenyan companies are possible without one necessarily losing out,” he stressed.