LG India targets revenues of Rs 24,000 crore
This year, the brand is targeting a growth of 25 per cent and will invest Rs 1000 crore in marketing and research
LG Electronics India, on Wednesday, unveiled the product line-up of 2015. The brand expects to grow its revenues by over 25 per cent this year.
In an exclusive interaction with exchange4media, Niladri Datta, Head Corporate Marketing, LG India, said, “Last year, LG, as a company, had a turnover of Rs. 18,500 crore, and we grew by 15 per cent. This year, we are looking at around 25 per cent growth. And we are targeting revenues of approximately Rs. 24,000 crore. In terms of marketing spends, the company intends to remain at par with last year’s spends of about Rs. 500 crore to 700 crore. We are going to invest about ?1,000 crore this year, which will be divided into branding, marketing, research and development.”
“We are among the top 5 biggest revenue generators for LG globally. We aim to gain more global revenue share each year. Flat panels and our mobile business are expected to drive growth in India,” he pointed out.
According to him, India, in its present state, is one of the most vibrant and established marketplaces among the BRIC (Brazil-Russia-India-China) countries.”
He also said the company is witnessing “exponential growth” in larger panel TV sizes, and that consumers are showing more interest in larger frost-free refrigerators and front-loading washing machines.
“We may see 42-inch and above flat panels contributing at least 40 per cent to the overall TV sales this year. Even in rural regions, demand for 32-inch and above flat panels is rising,” he said.
“India is expected to become an important manufacturing hub for LG to serve global markets in the coming years,” he said.
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