After the dawn of human civilization, having any celebration without colour decoration is rare.
Human-carved beauties and colours are meticulously crafted to evoke emotion and elevate spaces.
If anyone is asked to choose paint for colours nowadays, most will select Asian Paint because of its glorious success as a brand. Behind this success, every painting of cans has a story to tell.
Let’s unleash a history of inspiration and innovation in Asian painting.
- Inaugural Journey,
It was 1942; four creative friends from Gujarati named Champak Lal Choksi, Chiman Lal Choksi, Suryakant Dani, and Arvind Vak started the company in a garage in Gaiwadi, Girgaon, Mumbai.
A temporary prohibition on paint imports during World War II and the Quit India Movement of 1942 left Shalimar Paints and foreign enterprises as the only players in the market.
Asian Paints, which made 23 crore a year in 1952 but only had a 2% PBT profit, took over the market. By 1967, it was the biggest paint company in the country.
- When the struggle started,
In 1990, the dispute began among the four partners when the company expanded its business outside India.
An issue of international rights started to arise, and on the point of some disagreement, Choksi sold his 13.7% share and left.
The Unit Trust of India and the other three partners bought a share of Choksi.
- The Journey of Success,
It’s been seven decades since Asian Paint served with the glory of success.
What strategy made them the largest paint company in South Asia?
Four friends launched their first product, targeting a village carnival where a bull’s horn was painted with colours. They started selling their product in the village and earned good revenue.
However, they thought of a new idea and wanted to add some new products to their portfolio.
They researched the market well and tried to understand the customers’ demands. Choksi successfully identified the decorative market gap and launched a new one.
“Don’t lose temper; use tractor distemper!
Yes, the slogan of the first washable distemper launched into the market.
They never had to worry about profit because of their innovative strategy.
Market researchers said this company maintained a top-notch supply chain strategy and always focused on customer demand. In 1970, Asian Paints bought a mainframe computer costing Rs 8 crore as a first step in innovative inventory management.
Other competitor companies tried to copy their strategy but could not beat them. They are the first company to focus on a customer service centre for a better understanding of demand.
The extraordinary level of their innovative strategy has given them another level of success. Today, Asian Paint holds 60% of India’s market share, while another competitor holds approximately 26%.
- Achievement,
Asian Paints is the biggest paint company in India and the third largest in Asia. Asian Paints is also Berger International’s parent business.
Asian Paints Ltd. makes, sells, and distributes paints, coatings, home decor items, bath fittings, and other related products and services.
The company made a profit of 2,554 crores and made 29,484.1 crores in sales in the fiscal year 2021–22. The company’s market value is $37 billion, and it makes $3.2 billion a year.
Asian Paint works in more than 22 countries right now. On a large scale, it operates in Asia, the Middle East, the South Pacific, and Africa.
East Asian Paints owns eight corporate names that work in different parts of the world. This company received the Golden Peacock Award for Excellence in Corporate Governance for the third year (March 2022).
“Never underestimate the power of consistency.”
Asian Paint Pvt. Ltd. is the perfect example of this motto. No matter how big or tough a competitor you have on your way, consistency, hard work, and an innovative mind will never let you lose a battle.
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Writer
Zakia Sultana
Intern, Content Writing Department.
YSSE