The updated strategy comes after the company spent the last year and a half relocating production to cheaper locations, sold off the non-core furniture division and entered into a strategic partnership with Panasonic Corporation of Japan.

The main goal now is to reduce financial debt to a maximum ratio of 3:1 against earnings before income tax, depreciation and amortisation (EBITDA), according to the strategy revealed on Wednesday.

Whereas Europe remains the key market, the company plans to almost double non-European sales to EUR 170m by 2018.

Similarly, sales stemming from its core home appliances and services business are projected to account for 90% of revenue by 2018, up from 85% in 2012.

Special emphasis will be placed on the development of the Asko high-end brand, which Gorenje acquired in 2010.

Asko, along with its Atag upmarket brand, are expected to account for over a quarter of group sales by 2018.

The company has invested heavily in own brands and says the share of own-brand sales has risen from 72% in 2005 to the current 95%.

The targets enshrined in the strategy will be achieved with expansion of the partnership with Panasonic, supply-chain optimisation, enhanced R&D and reduction of complexity at all levels.