LG hawks enhancements in 21% growth push
South Korean LG Electronics is betting on localized innovations — like a washing machine with speech technology that offers instructions in Hindi — to grow its revenue to Rs 13,000 crore by December 2009, a growth of 21 per cent.
A microwave oven with up to separate keys for 56 Indian menus and a remote control that can be pre-programmed to regulate both the ceiling fan and the air conditioner is another product in LG’s drive to fight off competition in an industry with big names like Philips, Videocon and Samsung.
The products are priced 2-5 per cent higher than what regular frill-free versions would cost and generate higher
profits than the company’s other offerings.
LGEIL has spent close to Rs 55 crore in carrying out ‘Indian Insights Products’ research and interviewed 3,500 Indian buyers to study insights into needs and in-demand features.
“We are not in a price war, our strategy is to play different with me-only products and customers are ready to pay for them,” Moon Bum Shin, managing director, LG Electronics India Ltd told Hindustan Times.
The value-added category was launched last year and contributed close to 10 per cent of the company’s annual revenues.
LGEIL’s revenues grew 12 per cent per cent to Rs 10,730 crore at the end of December 2008 from Rs 9,500 crore a
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