Companies

LG steps it up in India with premium products

Meenakshi Verma Ambwani Seoul | Updated on March 12, 2018

Plans to increase exports from India

From large capacity front-loading washing machines that can wash clothes faster to refrigerators that offer precise cooling control and lower energy consumption, consumer durables company LG Electronics is betting big on premium products that it plans to roll out in India in the next few months.

The company also plans to increase exports of home appliances from India.

“India is among the top-five markets for us and it’s one of the fastest growing markets globally. We will continue to make investments and boost our brand identity and offer new technologies to Indian consumers,” said James Park, Senior Vice-President, Head of Home Appliances Overseas Sales and Marketing Group, LG.

The company will continue to focus on rolling out products that are tailor-made for the needs of Indian consumers, backed by its research and development centres in the country, he added.

The company, for instance, has launched its refrigerators with ‘Power Cut EverCool’ technology that keeps the air inside the refrigerator cool for up to seven hours without electricity.

LG officials said this innovation was specifically built for India keeping in mind the large power cuts consumers face.

LG has also entered the water purifiers business in India, offering steel water tanks, again keeping in mind Indian needs.

Premium products

Responding to a query on premium products in India, Daniel Shin, VP-Head of Home Appliances (Asia, Middle East and Africa), Sales and Marketing Division, said: “We are investing a lot of money on premium products and nearly 50 per cent of our R&D investments go in building premium products. We are looking to launch new premium products in India in the second half of this year or early next year. Some of these have been verified in other developed markets and will be launched simultaneously in India and other markets.”

The products the company will be launching include new variants of its double-layered door-in-door refrigerators, equipped with inverter linear compressor, besides a new range of front-loading and top-loading washing machines equipped with heaters to ensure “faster and more hygienic” cleaning.

In addition, the company will be looking to increase exports of home appliances from its manufacturing facilities in India. The company already exports to about 63 countries from India.

This year, LG Electronics India expects to earn about ₹9,600 crore from home appliances sales, up from ₹8,000 crore it earned last year.

(The writer is in Seoul at the invitation of LG Electronics)

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Published on July 02, 2014
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