LG betting big on built-in kitchen biz, eyes Rs 5,000 cr sales

South Korea-based consumer durables giant LG is betting big on the built-in kitchen business by targeting Rs 5,000 crore revenue from kitchen appliances category in India in the coming 8-10 years.
 LG betting big on built-in kitchen biz, eyes Rs 5,000 cr sales
South Korea-based consumer durables giant LG is betting big on the built-in kitchen business by targeting Rs 5,000 crore revenue from kitchen appliances category in India in the coming 8-10 years.
 
Sharing his views,LG Electronics VP - Home Appliances Rajeev Jain told PTI:"Built-in kitchen appliances business for LG is at the starting level right now. However, in the next 8-10 years, it will become 25 per cent of the total appliances market and contribute Rs 5,000 crore to our total business," 
 
Jain further added:'It (built-in kitchen appliances) may not have big potential initially due to its higher cost compared with free standing appliances. However, due to growing number of premium apartments in the country, we can see good growth.'
 
The company, which reported Rs 18,500 crore turnover last year, has done just one project with DLF so far. He added that right now the company is discussing ideal product roadmap for the Indian market.
 
"This market may take 8-10 years to evolve," Jain said.
 
Built-in kitchen appliance range includes microwave ovens, conventional ovens, refrigerators and dishwashers.
 
Competition in the premium built-in kitchen appliances business in India is getting intense with more companies launching their products in the country.LG is competing with companies such as Whirlpool, Hafele and Miele in the premium built-in kitchen appliances business.
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