LG Electronics India on Monday announced the launch of its new range of 19 ‘Direct Cool' refrigerators for 2011, aiming to capture over 35 per cent market share in the category and clocking a turnover of over Rs.4,000 crore from its refrigeration division.
Stating that the Korean whitegoods manufacturer was targeting a turnover of over Rs.2,500 crore from its ‘Direct Cool' refrigerator segment, LGEIL India COO Y. V. Verma said: “With this launch, we further strengthen our presence in the home appliances segment. This new series is 100 per cent star rated loaded with Indian insight features, stylish designs and patterns.” The new series has 19 new models in the capacity of 190 litres segment, priced between Rs.9,900 and Rs.12,800. In 2010, LG sold 20-lakh direct cool refrigerators, while in the current year it was aiming sales of 26-lakh sets.
“With the new series, we plan to acquire a market share of over 35 per cent in refrigerator by end of 2011. We are expecting a growth percentage of more than 30 per cent this year, targeting a turnover of over Rs.4,000 crore in the segment,” said LGEIL Business Head (Home Appliances) Rajeev Jain. Notably, LGEIL achieved a total turnover of Rs.16,000 crore in 2010.