Online Reporter
Business Reporter
Axia Corporation is looking to strategically position its business and drive growth by tapping into the fast-growing informal sector.
Group chief executive officer, Mr Ray Rambanapasi, said the company had recorded notable growth across several business segments in the previous financial year, despite currency volatility and supply chain pressures.
Mr Rambanapasi said Axia had successfully expanded into exclusive product lines designed for higher-end customers, while simultaneously tailoring new offerings for the informal sector.
“In the segment of exclusive offering to a particular clientele, the pricing of such products is a little bit on the high side when compared to a normal TV Sales and Home (TVSH),” he explained.
“Even the product range is higher quality than what we already had. It’s a way to tap into another market that felt our products were on the cheap side.”
The Victoria Falls Stock Exchange-listed company has opened a new factory shop aimed at serving price-sensitive buyers.
“We want to tap into the informal market through the use of our manufacturers and their support, so that we can start operating at a great range,” said Mr Rambanapasi.
The bedding division, which produces under the Restapedic brand, has become central to Axia’s manufacturing strategy. Revenue in the fourth quarter rose by 24 percent on the back of a 28 percent increase in volumes, driven by expanded plant capacity.
