Shares of Whirlpool of India rallied over 2% to hit a 52-week high on Thursday after the home appliances company signed a marketing deal with FMCG major Hindustan Unilever Limited (HUL) to enhance the Indian consumer laundry experience. However, HUL shares were under stress, falling up to 3%, in sync with the BSE FMCG index which was down 0.3%.
In an overnight exchange filing, Whirlpool, a known brand in the washing machine segment in India, informed exchanges that it has joined hands in a new marketing alliance with Surf Excel, a leading brand of HUL to transform and enhance the laundry experience for consumers in India.
“The two trusted brands in the home care industry have collaborated to deliver superior cleaning performance and convenience to households,” the company says in the regulatory filing.
Cheering the news, shares of Whirlpool gained as much as 2.4% to hit a 52-week high of ₹1,836.50 on the BSE, while the market capitalisation rose to ₹23,090 crore. The stock has risen 54% in less than four months, from its 52-week low of ₹1,186.85 touched on February 27, 2024.
On the other hand, HUL shares dropped as much as 3.2% to ₹2,446.90 in the first two hours of trade so far. The market capitalisation of the FMCG heavyweight slipped to ₹5.87 lakh crore, with more than 1 lakh shares changing hands over the counter. The stock touched its 52-week high of ₹2,768.50 on July 7, 2023, and a 52-week low of ₹2,170.25 on April 16, 2024.
Headquartered in Gurgaon, Whirlpool of India, a subsidiary of U.S.-based Whirlpool Corporation, is a renowned brand in the washing machines, refrigerators, microwave ovens, and air conditioners segments.
Whirlpool believes that collaboration with HUL will help in the integration of innovative technologies from both brands, leading to delivery of superior fabric care, improving the daily laundry process, and resulting in an enhanced customer experience.
Kumar Gaurav Singh, Vice President-Marketing, at Whirlpool of India, says, "Washing machine penetration in India is still in its nascent stages and a significant number of consumers are first-time buyers. Our partnership is an opportunity to leverage our combined strengths - the coming together of superior mechanical action, thermal action and chemical action to deliver expertise in the removal of stubborn stains.”
Through joint marketing initiatives by Whirlpool & Surf Excel, both brands are committed to enhance consumer experience amidst evolving consumer needs, the release notes.
"Our partnership is not just about increasing the penetration of liquid detergents, but also about providing an enhanced laundry experience and educating consumers on the benefits of our combined offering. By bringing together advanced technologies, we aim to offer a superior solution for fabric care needs while also raising awareness about the importance of proper laundry practices,” says Srinandan Sundaram, Executive Director, Home Care, at Unilever.
“Our goal is to provide convenience and innovation to households across India, making laundry routines easier and more effective than ever before,” he adds.
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