India’s ITC is shifting its business focus from greeting cards to volume-driven paper-based stationery, in order to drive growth, the company has said.
In an interview with Indian publication Financial Express, CEO of ITC’s greetings, gift and stationery business, Chand Das, said: "Over the next three years big growth for us will come from stationery and not greeting cards."
Going forward, he said he expected the company’s stationery business to contribute 80 per cent to the division’s total revenues against the current 20 per cent.
By contrast, however, the greeting cards market saw its revenues decline by 10-12 per cent in 2004, said Das, due to the ever-growing popularity of text-based alternatives such as SMS, MMS and e-greetings.
New Delhi (IND)
