Sula Vineyards, India’s largest wine producer, aims for sustained double-digit revenue growth in the coming years, propelled by its focus on premium and elite wine categories and the expansion of its new product lines.
During the challenges posed by the Covid-19 pandemic, Sula Vineyards strategically pivoted towards enhancing its own brands and prioritizing growth in higher-value market segments. This strategic shift has proven highly successful, with the premium and elite categories demonstrating a robust compound annual growth rate of 15-20% over the past three years.
Rajeev Samant, CEO of Sula Vineyards, articulated that the company shifted its strategy away from competing in the price-sensitive Rs 250 to Rs 700 segment, driven primarily by discounts. Instead, their focus turned towards establishing dominance in the above Rs 700 price bracket and the elite segment exceeding Rs 1,000, directly competing with imported wines.
This strategic realignment has not only fortified Sula’s market position but has also aligned its offerings more closely with evolving consumer preferences for higher quality and premium experiences in the wine market. Looking ahead, Sula Vineyards remains optimistic about its growth trajectory, buoyed by its innovative product offerings and continued focus on delivering exceptional quality to its discerning clientele.
As Sula Vineyards continues to innovate and expand its footprint in India’s burgeoning wine market, the company’s commitment to premiumization serves as a cornerstone for achieving sustained revenue growth and cementing its leadership in the industry.