Electrolux Unveils a Ridiculous $100,000 Stove — Dollars and Sense
In an attempt to swoop in on the seemingly untouchable multi-billion dollar, luxury foodie market, Electrolux has unleashed a $100,000 kitchen range designed to take up space in upper-class kitchens all over the world.
It is being marketed as the Grand Cuisine range and it was developed as a specialty line for Electrolux’s near century-old catering equipment division and it comes with a target market worth $5.5 billion, according to Chief Executive Officer Keith McLoughlin.
"This brings a halo effect from a brand standpoint to Electrolux," said McLoughlin. "We're talking very high net worth people with two or three homes. It's clearly intended to build and reinforce the brand."
With Europe’s high-end appliance market possibly falling into a slump of as much as two percent this year and with the domesticated landscape of the North American market's forecasting a two percent increase, it is predicted that the Grand Cuisine range will make its way inside 50,000 homes per year, according to McLoughlin.
That is a considerable amount more than Electrolux’s other luxury Molteni models, which typically sets about 20 of the world’s most rich and famous kitchens back up to $262,000 every year.
Electrolux insists that the Grand Cuisine range will be a small, but profitable, niche in the appliance market, as many of their competitors, like Whirlpool and Miele & Cie, do not have luxury lines, while others, such as Samsung and LG, are wooing customers with things like televisions in their appliances. Those products, however, are not selling very well, according to McLoughlin.
Electrolux is currently targeting London, Stockholm and Venice as a jumping off point for marketing the Grand Cuisine range.