LG launches electronic goods in Chandigarh

Seeking to retain its leadership position in the market, LG Electronics India (P) Ltd launched washing machines equipped with direct drive technology and two microwave oven models, namely SolarDOM and WaveDOM here.

The company is targeting the Punjab market and is optimistic about getting sales of Rs 60 crore from washing machines and Rs 28 crore from microwave ovens in this financial year.

Punjab contributes 11 per cent of the company's turnover which was Rs 7,500 crores in last financial year.

In last financial year, the company had garnered sales worth Rs 49 crores from Punjab in washing machine segment and Rs 22 crores in microwave oven segment. Also, with new launches, the company is targeting to achieve Rs 9,000 crores as a turnover in this fiscal.

Microwave and Washing Machine Business Group Head Rajiv Jain said, "Punjab is an important market for us and we have received a very positive response to our products here. Our current market share in microwaves in Punjab is 53 per cent. With these two models we are targeting sales worth Rs 28 crores from the Punjab market this financial year."

He said, " In washing machine segment, we have market share of 47 per cent in Punjab and with the launch we are further hoping to strengthen our share in the state which has immense potential."

LG microwave ovens currently have a 37 per cent market share(in India) in the category and have consistly leaders in the category for the last five years. With the new launches, the company is hoping to achieve a market share of 40 per cent by the end of this fiscal.

In India, so far washing machine is concerned, it has a market share of 34 per cent and is the market leader in the category, both in fully automatic and semi automatic washing machines.

"We are extremely optimistic about the success of our direct drive washing machines and hope to garner 38 per cent market share in 2006," he added.

He further added, "Overall across the India, we are expecting to sell 280,000 units of microwave oven this fiscal year, in comparison to 218,000 units sold during last year. So far Washing machines is concerned we are expecting to sell 6,00,000 units. Whereas the figure for the last financial year was 4,80,000 Units."