At the Luxury Festival held last week at the Indira Gandhi National Stadium, the LG Electronics India booth was an unexpected participant. Or so we thought. In our understanding, LG did not fit into the premium luxury category. Think again, we did. For on display were 4K Ultra HD range of televisions-the 98 (248cm) 4K Ultra HD TVs with 8 Megapixel built-in camera, world’s 1st Curved 21:9 Ultra wide monitor, LG’s latest Side-by-Side refrigerator with Dual Door-in-Door, air purifiers, double wash machines and some more.
Over the past decade and a half in India, LG has taken a lead in consumer durables by offering well designed products at best prices. The combination of these two winning factors had the consumer ignore the durability and quality component. Did the new range have the same issues? Niladri Dutta, Head Corporate Marketing, LG Electronics India assured us that the new range of LG Electronics offerings was absolutely cutting-edge and best. Time will tell, or the users.
The South Korean brand LG Electronics entered India in 1997 with its own manufacturing under the newly relaxed Foreign Investment Promotion Board (FIPB) rules and slowly established the brand with an aggressive regional distribution strategy. The price band has risen, and it is no more the cheapest product in the showroom.
LG is now positioning itself at the other end of the spectrum, as a luxury brand. Considerable effort will be to change its perception. But team LG has the pulse of the market and it won’t be long before the top categories see a shift.