LG Electronics said Tuesday it plans to beef up its presence in premium products in India as it looks to increase the share of the segment in overall sales and boost profit margins.
Addressing a delegation of visiting journalists from India, LG Group Senior Vice President Head of Appliance Overseas Sales & Marketing Chris Jung said the revenue growth of LG Electronics in India “will be great”.
Asked about LG Electronics’ threat perception from the presence of Chinese firms in a price sensitive market like India, Jung said, “the Chinese won’t catch up so soon. In the future they may get to where we are now but we are not sitting idle, we will also be moving forward”.
Besides, he said the company is setting up a manufacturing unit in the US which will start producing locally in a couple of months, in view of US President Donald Trump’s safeguard measures.
He identified energy saving products and Internet of Things as the major home technology trends in the near future.