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LG India sees a jump in revenue of 30% to Rs24,000cr. Soon Kwon, managing director at LG India, told ET that the company s revenue rose 15% on year to Rs 18,500 crore in 2014, as per a reoprt in Et Retail.
South Korea’s LG Electronics Inc expects its India revenue to jump 30% to Rs 24,000 crore in 2015 on the back of strong growth in its mobile phone segment, a top executive said.
Soon Kwon, managing director at LG India, told ET that the company’s revenue rose 15% on year to Rs 18,500 crore in 2014. He said 10% of the total revenue was contributed by the mobile segment.
“Our mobile business almost doubled last year and we expect similar growth this year as well,” Kwon said.
The South Korean consumer electronics and smartphone major will be launching 30 new smartphones this year and expects to increase its value market share to 10%.
LG currently has around 5% smartphone market share in terms of value, according to market research firm Gfk.
The company’s South Korean rival, Samsung, leads the Indian smartphone market with a 22% share in the fourth quarter of 2014, followed by Micromax (18%), Intex (8%), Lava (7%) and Xiaomi (4%), according to IDC, which tracks shipment volumes and not value. Samsung is also widely seen as the leader in value terms, with Apple, Micromax and Nokia being the other top players.
The competition in the Indian market has increased lately with vendors like Lenovo, Xiaomi and Huawei bolstering their presence with rapid device launches and aggressive marketing, mainly in the affordable segment, where the price range is mainly Rs 5,000-15,000.
LG will be launching most smartphones in the Rs 10,000-20,000 price category, considering the growth in the market. On Wednesday, the company launched products in four verticals at the LG Tech Show.
These include the 4G-equipped LG G Glex2 smartphone at Rs 55,000. The company said it will soon launch its 4G LTE smartwatch in the Indian market. According to Kwon, LG will sell the smartwatch in India at Rs 30,000.
On the Indian wearable space, Kwon said the segment is in nascent stages but has a good potential to grow.
Kwon said more than 80% of LG India’s revenue comes from products that it manufactures in the country.
LG has two manufacturing units in India, which produce white goods like refrigerators and air conditioners. “About 10% domestic production is being exported to 80 countries globally,” he added.
LG does not manufacture its mobile devices in India but it may consider it once it reaches a decent market share, said Amit Gujral, marketing head at LG Mobile India.
The company will invest about Rs 500 crore in marketing and promotion of its products in India this year.
Gujral said a significant portion of this budget will be allocated for marketing of smartphones.
New Delhi: Korean brands LG and Samsung Mobiles have superseded as the top two most trusted brands in India, according to The Brand Trust Report, India Study 2015. It is interesting to note that out of 10 Most Trusted Brands, 7 Brands are MNCs, while only 3 are Indian brands.
The South Korean consumer electronics giant, LG, has jumped all other contenders, maintaining a lead of 18%.
LG brand was ranked 4th and Samsung Mobiles was ranked 377th in the same report last year.
Sony falls in the third position in the list followed by Tata. Nokia is ranked 5th as it has maintained its position from last year.
India’s 6th Most Trusted Brand is Bajaj which has gained forty ranks over 2014 and Honda is ranked 7th Most Trusted gaining one rank over last year.
Dell is India’s 8th Most Trusted Brand rising 46 ranks over the previous year, Godrej is India’s 9th Most Trusted (up seven ranks over 2014) and Hewlett Packard is the 10th Most Trusted in 2015.
Chandramouli, CEO, TRA, said, Trust is the most important connection between a brand and its stakeholders.
He points out 3 reasons for LG gaining ground as the topmost Brand rank holder.
LG s continuous focus on providing consumer value has led it to be ranked as India s No 1 Trusted Brand in 2015.
The brand understands the Indian mindset and connects very well with the consumers.
Analyses its Trust Quotient closely.