Samsung India sets sales goal of over $10 billion this year

Samsung India is targeting sales of more than $10 billion (about Rs 64,000 crore) this calendar year after having recorded nearly $9 billion in 2017, senior company executives told business partners during a recent global meet.
Sales will be driven by smartphones, premium television and appliances like refrigerators and washing machines, which will be the focus areas of the company this year, said three senior industry executives who were present in the annual strategy meet — Samsung Forum — held last week in Rome.
“Samsung India’s pace of growth had slowed down in 2017 which was attributed to demonetisation and impact of the rollout of goods and services tax, but it is confident to get back to the growth trajectory this year,” said one of the industry executives who was present at the event. “They are confident to exceed $10-billion sales despite stiff competition from Xiaomi in smartphones,” he said.
Another executive said while smartphones will continue to be the largest sales contributor, accounting for 60% of the sales, the balance 40% will be generated from consumer electronics driven by premium products.
“For instance, in the ultra-HD television segment, they want to increase market share from 37% to 43%,” he said. ET had recently reported that Samsung India’s sales in fiscal 2016-17 were around Rs 57,000 crore, growing by 27% over the previous year as it had reportedly filed with the Registrar of Companies (RoC).
The RoC has yet to make public the company financials. But for all business purpose, the South Korean consumer technology giant follows the calendar year. An email sent to Samsung India did not elicit any response till press time.
As per market trackers, Samsung is the country’s largest mobile phone maker in last calendar year, while it lost out to Xiaomi in smartphones and Reliance Jio Infocomm in feature phones in the October-December 2017 quarter, taking the second spot in each. It is also the largest television and microwave oven maker in the country and the second largest in refrigerators and washing machines after LG.

Trending News

Facebook Lite to launch in developed countries, including United States

Reliance Jio adjusted gross revenue up 21.3% at Rs 5,300 crore in Q3

Angels offer to dematerialise unlisted shares to solve row

Healofy raises $1M seed funding from Omidyar Network

Agritech startups Sabziwala and LivLush merge their business under new entity Kamatan

Myntra brings EMI down to just Rs 50 in sales push

HDFC Bank blocks all its credit and debits cards to buy or trade cryptocurrencies

India to lead in data science job creation: Biocon Chief Kiran Mazumdar-Shaw

Avail Finance lands $17.2M from Matrix Partners & Ola, Freecharge and Flipkart founders

Understanding local nuance is our key competitive edge: Indian Internet firms

SpaceX is launching its broadband satellites into orbit this weekend

Unilever threatens to cut back online ads over 'toxic' content

Google hires former Samsung Mobile CTO to coordinate Internet of Things projects

Go-Jek plans India foray in second half of 2018

Pivoting away from Cube brought us to the right route: PayU's Jitendra Gupta

Ola parent to invest Rs 400 crore to boost Foodpanda India logistics & tech

Alibaba plans tighter integration of Paytm Mall with BigBasket & XpressBees

MakeMyTrip posts wider loss in Q3, may revisit OYO strategy

Google fined Rs 135.86 crore by CCI for 'search bias'

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Toyota, Suzuki to produce electric vehicles for India market by 2020

Qualcomm rejects Broadcom's $103 billion offer

Fashion e-tailer Voonik asks staff to forgo 3 months' salary

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities