LG Electronics unveils a new range of washing machines
23 July 2003
Mumbai: LG Electronics has announced a new range of LG semi-automatic washing machines (SAWM) in western India. The launch of these products not only widens the product portfolio of LG Electronics but is also a step towards reiterating its leadership position in this market segment.
The three new models of LG SAWM are Popular, Delight and Dreamz. These models come in the range of 6-kg capacity and have the distinction of a unique technology which is the world's only Punch+3 technology.
This technology propels enough punch to pull out dirt from the fabric and gives the clothes a superior wash. While all the entire range has a hot-and-cold water inlet, the models are aesthetically very appealing. The price ranges from Rs 7,200 to Rs 8,690 for the new range of SAWMs.
The SAWM industry has grown by 8-10 per cent approximately while LG has grown by 40 per cent in the same category. The fully automatic washing machine (FAWM) has grown by 8 per cent whereas LG has shown a remarkable 100-per cent growth.
Says LG Electronics product group head (washing machines) Ajay Sharma: "LG targets achieving a turnover of Rs 400 crore from the washing machines division alone this year. We are also going to roll out our new campaign for the washing machines with the onset of the season and the key to our achievement has been our understanding of the discerning Indian audience and their needs. The fact that we have grown by 50 per cent in our sales in washing machines for the period [first half of this year vis-à-vis last year] alone speaks for itself."
As per the ORG GFK report of May 2003, LG has been declared as the leader in the total category of washing machines with a market share of 24.4 per cent. LG has maintained its leadership position in the SAWM segment with a market share of 26.1 per cent and is also leading in the FAWM with a market share of 25.6 per cent.