LG to regain lost ground in India with cheap phones
The Dollar Business Bureau
Korean tech major, LG, on Wednesday announced that it will launch new affordable and flagship devices this year in India, as it is looking to regain its lost foothold in the local smartphone market.
"We are looking to launch new devices in Rs.10,000 and Rs.15,000 range. Till the third quarter of this fiscal, before Diwali, we are expecting to introduce 5-6 models into the market," Ki Wan Kim, MD of LG electronics India said.
Depending on the response, we may look at bringing more smartphones specifically designed for the Indian customers, he added.
The South Korean multinational said it is more concerned about Indian market and is analysing various sectors. The company is planning to bring more products in the affordable category, which makes up for a large portion of handset market in India.
On Wednesday, LG launched its flagship smartphone G5, priced at Rs.52,990.
Expressing confidence over its new device, Kim said that this smart phone will definitely redefine the smartphone experience and surprise the consumers with its multiple features such as hi-fi player, digital camera and more.
The Korean tech major also announced it will come up with a five-year strategy by the year end. The strategy would primarily be focused on the comparisons of features and price ranges, in order to stay significant to its competitors in the Indian mobile market.
LG wants its mobile phone segment to contribute about 10 percent to its total revenue, the same as washing machines. Therefore, it is planning to increase the volume at its Indian manufacturing plant to tap the growing demand in the world’s second largest mobile market.
The company said it would launch several products in future, all manufactured from its local plant in India.