LG goes for an image makeover to target premium segment
South Korean consumer durables giant LG today said it is working on a brand re-positioning exercise to cater to the premium segment by introducing more high-end products in India.business Updated: Aug 22, 2010 12:28 IST
South Korean consumer durables giant LG on Saturday said it is working on a brand re-positioning exercise to cater to the premium segment by introducing more high-end products in India.
At present, the company's Indian arm LG Electronics India has major presence in the mass market segment and the premium products account for 35 per cent of the company's overall sales. It had clocked a sales of Rs 13,089 crore last year.
"We are working on the brand positioning. Our effort is to shift to a more premium image," LG Electronics India Chief Marketing Officer Yasho V Verma told PTI.
"Four years back, premium sales was just 5 per cent of our total sales. Now it has increased to 35 per cent. So one can see the change that has been happening and our aim is to further increase it," he said.
As part of the plan, the company is looking at bringing more products at the premium level, enhancing its after sales service and customer experience at the retail level.
"We are not saying we will completely shift to only selling premium products. We will still cater to every segment but our plan is to have premium products in every category that LG is present," Verma said.
Besides, the company is also working on bringing products for the Indian market.
The company had recently launched hi-end products like 3D television on LED platform and 5-star rated refrigerators to tap the top end of the market.
"A lot of research is going on knowing the Indian consumer insight so that we can bring products for the local market," he said.