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| LG eyes Rs 15,000 crore turnover in 2010 |
| Bs Reporter / Kolkata/ Bhubaneswar Mar 27, 2010, 00:50 IST |
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Consumer electronics major LG Electronics India Limited has set a pan-India sales target of Rs 15,000 crore across all its products by the end of the calendar year 2010.
This marks a 15.38 per cent growth over a turnover of Rs 13,000 crore which the company had clocked in 2009.
Addressing reporters here, Amitabh Tiwari, head (sales) of LG Electronics India said, “We are looking at a total business target of Rs 15000 crore in 2010 compared to Rs 13000 crore which we did in 2009. Of the overall target of Rs 15000 crore, the refrigerator segment will contribute Rs 3000 crore.”
LG had sold 23.8 lakh units of all its refrigerator models in 2009 and in 2010, the sales figure is set to touch around 30 lakh units. The market size for refrigerators in the country is expected to reach 80 lakh units by the end of this year.
LG is the market leader in both the direct cool and frost free refrigerators with a market share of 26 per cent and 32 per cent respectively. The company which has rolled out 23 new models of refrigerators plans to capture 28 per cent of the market for direct cool refrigerators by the end of 2010.
On plans to launch new products, Tiwari said, “LG will be launching the three-dimensional (3D) LCD televisions next month. We are also thinking of rolling out some region specific products in the country and these products are likely to by the end of 2010.”
LG has the highest market share in the country in micro wave ovens at 42 per cent while in the colour televisions segment, it has a share of 32 per cent. Colour televisions are the single largest contributor to LG India's revenue.
LG also has plans to ramp up its network of exclusive Brand Shoppes across the country.
“We have 635 Brand Shoppes across the country at present and plans are afoot to take it up to 1500 by the end of this year. These Brand Shoppes give our our customers an international shopping experience as they get an opportunity to see the complete range of our products”, said Tiwari.
He further stated that every year LG is scaling up its budget on brand building for all its products. Last year, we had spent 3.8 per cent of our turnover on brand building and in 2010, we intend to take the share of the brand building to 4.5 per cent of out overall turnover, he said.
Talking on the company's performance in the eastern India market, Ranjit Kumar, regional head (east) said, “In the eastern region, LG is set to clock a turnover of Rs 1700 crore in 2010. The eastern region accounts for 15 per cent of the company's total sales.”
In the Orissa market, LG is set to achieve a turnover of around Rs 300 crore in 2010.
“In the eastern region, LG has 23 Brand Shoppes including two in Orissa at Rourkela and Balasore. Two more exclusive company stores will be opened soon in the state in Bhubaneswar”, said Kumar.
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