LG bets on new displays

LG Electronics India (LGEI), consumer electronics and domestic appliances major, plans to increase revenues from its set of new display products (NDP) in India to Rs 150 crore in the next two years.

The company recorded revenues of Rs 22 crore during the last fiscal and hopes to close this year with Rs 40 crore in the particular section. Part of the strategy to reach this goal has been the starting of Xcanvas Studios across the country. NDP includes LG's plasma panels, LCD TVs and rear projection TVs.

"Xcanvas Studios are not stores, they are experience platforms. They have been set up to ensure that customers can really see the potential of the Xcanvas range and to also that they get to take home what they are looking for," said Prasanna Raghavan, product group head, NDPs, LGEI.

Xcanvas, LG's range of plasma TV screens, are displayed in the studios along with DVD players from Onkyo and speakers from B&W.

"We wanted these units to be less of an LG brand store and more of a studio which brought together the best of breed products from different players. So, we decided to team up to present a united front to the customer," added Raghavan.

At present, LG has five such Xcanvas Studios in the country including Mumbai, Pune, Gurgaon, Chennai and Bangalore. Their next store will open in Delhi in a week.

The company plans to have 14 studios by early next year. A marketing expense of Rs 50 lakh has been notched for each store for a year from the time of opening.