The Korean electronics company, LG targets 10% Smartphone market and will be investing Rs. 80 crores in India by the next year. The target of 10% sales is set until the end of 2014. All these developments are targeted to revamp the mobile business in India.
LG is looking to double their share in the market. Currently, LG has just about 5 percent of the share and in the next 18 months will be looking to double the same. The details were thanks to Mr. Soon Kwon, who is the LG India Managing Director.
Mr. Soon Kwon was speaking to the reporters during the launch of the LG Optimus G Pro – the latest touchscreen Smartphone launched by LG. The LG launches Optimus G Pro costs Rs. 42,500, which is the highest on offer from LG for the Indian market.
With this launch, LG will be keeping an eye on the high-end Smartphone market in India. This means automatic competition with other companies like Samsung, Sony, Apple, and BlackBerry.
As far as the investment is concerned, LG will be pouring in Rs. 80 crores for the purpose of pushing up its sales. This includes the introduction of as many as 30 new models in various price slots over the next year-and-a-half. LG hopes to increase the sales by having more new models.
LG is has set a target of selling at least one million Smartphones in 2013. This could be possible by having more retailers. So, LG is planning to have at least 100-150 retailers each month to spread out the horizon of their reach.
The company is intending to add another 1400 retailers before the year ends. That will increase the LG retailers from 1600 to 3000.