LG Electronics, is bullish about the washing machine segment in India. Having invested about $5 million recently to make high-tech washing machines in India, the company plans to invest a further $10 million for new product development (for washing machines) as well as expanding its capacity.
In a bid to further boost its market share in the segment, LG has also increased its advertising budget to Rs 12 crore while launching a slew of new models and taken steps to increase its penetration.
In a bid to reach out to semi-urban/rural areas, LG is increasing its dealer network and has launched schemes such as exchange offers, finance schemes and so on.
LG Electronics is targeting a sales of Rs 360 crore from its washing machine division this year, a 55 per cent increase from the Rs 235-crore sales achieved last year. It is also targeting to lead in washing machines by attaining a market share of 25 per cent in the fully-automatic segment and 28 per cent in the semi-automatic segment by the end of the year.