Japanese electronic brand announces its business growth strategy for MEA region

Sajjad Ahmad, Deputy Business Editor

Panasonic Marketing Middle East & Africa revealed that it is all geared up for another year of exceptional growth and expansion, building on an impressive business performance in 2023.

During a press conference in Dubai. the company unveiled its action plan for the new fiscal year highlighting targeted investments to expand market presence through strategic partnerships, product diversification, sustainability and genuine customer-centricity. Aligned with its unwavering commitment to innovation and excellence, Panasonic is also moving into its next transformative chapter with key promotions in its senior leadership team, further expanding its capabilities to meet the rapidly growing demand for cutting-edge technologies across the MEA region.

Panasonic presented its competitiveness strategy at its annual regional convention held in Dubai, which also saw the global electronics giant reveal its business performance for FY2023. Last year marked a significant milestone for Panasonic, with growth recorded across product segments. Leading the top-performing products last year are men’s grooming devices Multishape and the premium Lamdash Shaver, which yielded 168% growth over last year’s sales. The “Nutri Tafreez” refrigerator series, which preserves food hygienically with its quick-freezing feature, meanwhile, registered an impressive 140% annual growth.

Not far behind are air conditioners with inverter and Nanoe-X technology grew by 134% compared to FY22 figures. The brand’s kitchen range also showed remarkable performance with 128% growth amongst air fryers, ice crusher blenders and high-wattage mixer grinders. Also making it to the list are tough-style vacuum cleaners, washer dryers and front-load washing machines, which achieved a growth of 125%. Not to be outdone are female beauty products, which delivered a strong 121% growth versus last year’s. PMMAF’s outstanding financial performance in 2023 reflects the resilience and adaptability of its business, boosted by the company’s innovative product portfolio, which addresses the demands of a rapidly changing market.

While PMMAF saw a successful year FY2023 in business, insights into the company’s FY2024 trajectory shows that the best is yet to come. Laying out the framework for another double-digit target this year, the company affirms its commitment to the MEA region, citing the Middle East and Africa as a high-growth market. Its 2024 strategy hinges on four primary pillars: market expansion through strategic partnerships, product diversification, sustainability initiatives and enriched customer experience. To further drive the company’s growth expectations for the region and to respond to both market and customer demands faster, a couple of significant changes have been made in PMMAF’s senior leadership team. It will see, Hiroyuki Shibutani, take a new position of CEO, and John Hardy, move to the role of COO, which is a newly created position.

Shibutani, commenting on the sidelines of the event, said: “We are delighted with the momentum that we have seen over the past years and we are genuinely pleased that we have come this far by staying true to our values and fulfilling our main objectives. Panasonic’s ability to navigate through the needs of the changing times, while adhering to our core business philosophy – that is to help our customers live better and healthier lives – is at the heart of everything we have achieved in this region.”

He added, “The UAE is global hub for businesses and Panasonic wants to increase its market share by accelerating its e-commerce activities and introducing premium products.The company performed significantly well in 2023 as its sale has shown remarkable increase in the country. We have registered 30 per cent growth and our microwaves, natural beauty segment posted 15 per cent rise in sale and fridge and washing machine section recorded 5 per cent growth. We were lagging behind in the TVs category.”

Shibutani concluded, “Panasonic has the highest brand presence in the region and the company’s 80 per cent consumer products revenue is coming from this area.

We see big opportunities in this region as a lot of new projects are developing in this part of the world.

We are planning to invest in new businesses like cold chain refrigerator for big supermarket, residential solutions and security cameras etc.”

Hardy, asserted: “Our prospects for 2024 and beyond for the Middle East and Africa remain positive. It brings us further optimism to stay committed to serving the regional market as we continue to align our strategies and offer cutting-edge technologies keeping the needs of our customers in mind. We at PMMAF have a renewed drive to lead the future, and as we carry out our growth plans, we will build on our over a century of market-leading innovations to position our business and our brand for our next era of growth. Equally important, we are placing an even sharper focus on our sustainability goals. Our commitment is clearer than ever – create added value for our customers, partners, stakeholders and society.”

Also in the spotlight at the event were 74 new products to support Panasonic’s mission in 2024.