Prices of television sets and appliances could go up by 3-10% as early as this week, with manufacturers raising sticker rates to reflect the rupee depreciation and the recent increase in customs levies on imported refrigerators and washing machines. Companies had originally planned raising prices as early as last month but eventually postponed the move until after the festive-season sales, three senior industry executives said. The top three brands – LG, Samsung and Sony – have already withdrawn the sales support or subsidy of up to 10% they provided to retail channels, and which went as discount to consumers. Competing brands such as Bosch, Siemens, Haier, Xiaomi and BPL, too, are increasing rates. “The price hike undertaken in September by some brands is going to get implemented now since brands did not want to effect any price changes during the festive season, and also to provide some cushion to offline retailers to combat the huge online discounting,” said Kamal Nandi, business head at Godrej Appliances and president of industry body, CEAMA. “It is not possible to cushion prices anymore since margins are badly hit,” Nandi said. Haier India President Eric Braganza said the company has raised prices by 5-8% this… Read full this story
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