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

Why Amazon’s Flipkart bid is just not high enough

Selling without MRP, expiry dates to cost etailers

TCS hits $100Bn market cap: A new phase for India Inc?

Snapdeal posts Rs 4,647 crore net loss in 2016-17

Flipkart-Walmart deal: What it means for the etailer and the whole industry

NCLAT stays CCI penalty of Rs 136cr on Google in search bias case

Walmart may rope in Google parent Alphabet for the Flipkart deal

Internet shutdown cost Indian economy $3 billion from 2012-17: Study

Flipkart and Amazon plan mega summer sales in May

International sales now account for 48% of Twitter's revenues

70% of mobile phones buyers in India opt for non-cash payments

Amazon India expects groceries & household products to account for 50% of business in 5 yrs

India to come out with a E-commerce policy framework in 6 months

Online learning platform Career Anna raises Rs 3 Cr funding

Wal-Mart will offer to buy up to 86% of Flipkart

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

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

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

Qualcomm rejects Broadcom's $103 billion offer

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