· Among the top 5 global wearable companies, Imagine Marketing is the fastest growing company in 2Q22 with a positive Y-O-Y growth of + 76.6%
· Imagine Marketing has also solidified its leadership position in the Indian wearables market by capturing 31% market share in Jul-22
Imagine Marketing, the parent company of boAt has been ranked 5th in the world as per the leading market research and advisory firm International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker Q2CY2022. In addition, Imagine Marketing continues to retain pole position in the overall wearables category in India for the third consecutive year (CY20, CY21, CY22 YTD) as per IDC India Monthly Wearable Device Tracker, August 2022. The brand has a wide portfolio of well-designed, indigenized, and distinctive lifestyle-oriented products offered at attractive prices.
Imagine Marketing leads the TWS category with 40% plus market share in July 2022. The phenomenal growth is due to the reasons such as availability, affordability, better features and functionalities like ANC, innovative designs, and low-latency mode for gaming. Watch-based wearables also tend to be the fastest-growing category for Imagine Marketing showing strong momentum with >145% growth over the last year (H12021 v/s H12022). In addition to the affordability, features such as Bluetooth calling, bigger screen sizes, and AMOLED displays are attracting both first-time users and upgraders.
Imagine Marketing (parent company of boAt) is buoyant about the festive sales season and is forecasting increased demand for its expansive product portfolio which is drawn on positive consumer sentiment, affordability, and a better feature set in its devices. Besides, during the festive period, people are also seeing boAt smartwatches and TWS devices as good options for gifting purposes. As ‘Make in India’ continues to scale up, it is enabling the brand to launch products faster and at lower prices. The brand plans on manufacturing 6 million units in H1FY23 under its Make in India strategy.
The company has a strong omnichannel strategy, and its products are available across marketplaces including Amazon India, Flipkart, Myntra, Paytm, and more. The brand is available in more than 20,000 stores including Vijay Sales, Croma, Reliance Digital, and more. Consumers can also experience the brand’s extensive portfolio on its website https://www.boat-lifestyle.com/.
On the global recognition, Aman Gupta, Co-founder & CMO, boAt said, “Design, innovation, and customer centricity are core to our business. The success of our brand can be credited to our agility, fast innovation cycle, and constant listening to our boAtheads. We are humbled, overwhelmed with the confidence and support entrusted by customers over the years. It is a moment of pride for all Indians as it validates the growing acceptance of home-grown brands globally. With the support of our Govt., we will aim to become a global lifestyle brand. We at boAt understand the requirement of millennials and will continue doing what we do best to serve the community of boAtheads. "
Since the first quarter of the Financial Year 2022, many boAt products within the Rockerz, Bassheads, and Airdopes product ranges, as well as within the accessories (including cables and power banks) are being manufactured in India. boAt Bassheads 100, Bassheads 192, Bassheads 225, Rockerz 255 Pro, Rockerz 235v2, Airdopes 131, Airdopes 101, Airdopes 441, power banks, charging cables, and power bricks are among the current products available under boAt's "Make in India" initiative.
Definitions as per IDC India
· Wearable - Wearable computing devices include any wearable device designed for the human body with a microprocessor. "Wearable computing" implies that the device operates in a hands-free fashion, and the user can readily put it on and take it off. This precludes implanted objects that are permanently affixed to the user. Moreover, we include only those devices that are designed to be worn and used on the body and exclude those that can be used when removed from the body
· Earwear - This includes any pieces that hang on or plug into the ear. The device must operate wirelessly and provide stereo sound while also including at least one of the following features:
o Track health/fitness
o Modify audio, and not just noise reduction
o Provide language translation on the device
o Enable smart assistants at the touch of a button or through hot word detection even if the assistant is running on another device such as a smartphone
About Imagine Marketing Limited (Parent company of boAt):
Established in 2013 by Aman Gupta & Sameer Mehta, Imagine Marketing Ltd. offers a product portfolio ranging from audio gear, smart wearables, personal grooming, mobile accessories, and much more. Under the Imagine umbrella, boAt came to life and was able to disrupt the audio industry to become the #1 Audio brand in the country (In terms of shipments per the latest IDC data). boAt's portfolio offers well-designed, innovative, and distinctive fashionable lifestyle-oriented products at attractive price points targeted at a young and widely addressable audience within India. Furthermore, with a massive cultural shift towards DIY post covid, Imagine Marketing Ltd. forayed into personal care appliances and introduced MISFIT, a self-care and grooming brand with the motto ‘Never Fit In’, the brand is aimed at addressing gender stigma through a colorful brand vision and bold conversations. In 2020, Imagine Marketing also acquired RedGear, a gaming accessory brand that deals in gaming keyboards, mice, gamepads, and headphones. RedGear aims to bring gaming to the masses and support the ones who wish to turn their passion into their profession. Imagine Marketing has associated itself with global names such as Qualcomm and Dolby to innovate their products and is backed by Warburg Pincus, a global private equity fund. The company currently has offices across Delhi, Mumbai & Bengaluru.
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