Amway -- American beauty, health and home care products maker -- will cross Rs 1,000 crore in investments in India over the next five years. India is the third international market for the company outside the United States.
In an interview to The Economic Times, Doug DeVos -- the company's global president -- said India has made remarkable progress in terms of growth and regulation. In a bid to launch country-specific products and to source locally, the company named Anshu Budhraja as its India head. The company is reportedly investing "heavily" in its India operations.
"Local leadership always works better since they know the market, work better with governments and understand the culture. We always had succession planning on our mind and things have moved significantly over the past one year," DeVos, who is currently on a brief visit to India, told the publication.
The company, which is one of the world's largest direct selling businesses, has manufacturing plants in China and Vietnam, apart from the United States. It has reportedly invested in Rs 550 crore to set up its first plant in Tamil Nadu. Of the $335 million it had set aside for global expansion, the company spent more than 30 percent on its India operations.
"Potential of the Indian market is very dramatic. It is still difficult to do business here and it is a little slower and more complicated then we had hoped. We'd love to see the pace improve and barriers to growth reduce. But things are certainly moving in the right direction," DeVos was quoted as saying by ET.
Amway recorded a 12 percent drop to $9.5 billion in its worldwide sales last year, The Economic Times added.
