LG Care, the personal care arm of the Korean chaebol LG, has set ambitious growth targets for India. Over the next three years, the company plans to reach a turnover target & #BANNER1 & # of Rs 500 crore.
Fiscal 2004-2005 is LG Care's first year of operations in India; the company aims to notch up a turnover of Rs 150 crore in this financial year.
The company, by 2006, wants to claim the third spot in the Indian FMCG market after Hindustan Lever and Procter & Gamble.
Towards this, the company will invest Rs 100 crore in advertising, below the line activities and promotions over the next three years. For FY 2004-05, the company has earmarked Rs 30 crore for such activities.
"No other FMCG company in India will be investing so much money for promotions," Vijay R Singh, LG Care's Indian representative, says.
The LG Care product range consists of seven categories, including toothpastes, diapers shampoos, detergents, soaps, cleaners, cosmetics and hairstyling products. The company has drawn a mega endorsement plan where 21 celebrities from diverse fields like films, television and sports will be signed up.
Company sources said that the scripting is ready and shooting for the commercials will commence soon. Contract Advertising will be handling the creative part of the promotions.
The company plans to set up its own manufacturing facilities in future, once the turnover touches Rs 300-400 crore, Singh added.
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