Sony and Samsung products to get Price Hike upto 20% Across All Categories
Sony India on Thursday said it will soon initiate a price hike on its products across all categories to offset the impact of rupee depreciation.
“With the weakening of the rupee, the company will raise the prices of its products. This will be done shortly,” Sunil Nayyar, Head Sales, Sony India.
The products that Sony India sells, including flat panel TVs (Bravia), digital cameras (Cyber-Shot), laptops (Vaio) and smartphones (Xperia) , are shipped to India from other countires.
Nayyar said the weakening of the rupee was affecting the company and the prices have to be raised. “The rise will be a mild one and not be a burden on the consumers. The company will absorb the most impact,” he said.
As Diwali and other festivals festivals are round the corner, the company plans to earn a revenue of Rs 400 crore during the period of August to November, 30 percent higher than the last year’s figure as last year at the same time, the revenue earned was Rs 310 crore, he said.
Nationally, the company is eyeing a growth of 25 percent. It will also increase the distribution network from 850 to 935 across the country, Nayyar added.
Sources close to iGyaan have also confirmed that Samsung is also contemplating a price hike of 15-20% on all its products, that can majorly affect the prices of the upcoming products like Galaxy Note 3, Galaxy Gear and the Galaxy Note 10.1 2014.
Depreciating Rupee and the deteriorating economy has caused a major stall in the purchase power of the consumer, with prices shooting sky-high, companies are ready to look at major decline in sales across the board (even though most. Companies in all retail segments from cars to mobiles all products have been increasing prices and it should have a negative impact on the commercial growth of India. Hopefully we can recover from this in time.