According to company sources, Internationally, LG Care has a strong presence in the household and healthcare sectors for over 50 years, competing with top FMCG players, including Unilever and Procter & Gamble. India is a huge market and there is enough potential for growth.
The company has set a target of capturing 2-3 per cent share of the Rs 30,000 crore market, which is the estimated size of segments the company plans to foray into.
Initially, LG Care will be foraying into seven categories which include toothpaste, soaps, detergent, shampoo, cosmetics, diapers and hair-styling products.
While the mother brand of these products will remain LG, the company will be launching its toothpaste under the sub-brand Cliden, Super Enz for detergents, Double Rich for shampoo and hair styling products, Maman for diapers and Lac Vert for cosmetics.
The company has already started appointing distributors for its products.
LG had first entered the FMCG arena in Korea way back in 1947, much before it forayed into the consumer electronics business.
The company is slated to launch its products in April. The products will be targeted at both metros and cities, priced at par with the competition. All the products will be of premium range available at affordable prices.
These products will be initially imported and marketed in the Indian market.
LG Care has set a target of achieving a turnover of over Rs 150 crore within the first year of its operation, the source added.
According to a company official, LG has already gained numero uno position in the consumer electronics business. Thus it can leverage on its expertise and strength to grow in FMCG business, though it is a different ballgame altogether.