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LG Electronics Eyes The Premium Home Appliance Market in India The company recently launched its Signature series in India but so far only a limited catalogue is available

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LG ELECTRONICS, which contributed 60% of LG Corps revenues in 2017, is all set to redefine the luxury home appliance segment.

LG Electronics plans to amp up its presence in the premium market and boost its existing profit margins.

With an increasing presence of Chinese players in the home appliances space in India, South Korean appliance manufacturers are counting on the quality, durability and the after-sales service of their products to beat the new entrants.

We recently visited the LG factory in Changwon where it manufactures its range of refrigerators, air conditioners, and air purifiers. Here, LG Electronics showed its prowess and readiness in terms of offering premium products for the Indian market.

The company recently launched its Signature series in India but so far only a limited catalogue is available.

LG Signature series

In terms of global sales, the premium appliance category at LG’s global sales accounts for 30%, this also includes Indian sales.

The company now wants to boost this to 50% with a renewed focus on the Indian sub-continent and plans to introduce more products to its Signature range in India.

“LG Electronics makes and manufactures products to address the pain points of its customers,” said Chris Jung, Senior Vice President Head of Appliance Overseas Sales & Marketing of LG Group.

“Top two trends in the home appliance space that the company sees a need in innovation for are, energy saving and IOT convergence,” he added.

LG Electronic’s engineers and R&D division are working towards solving these challenges and deliver in the luxury space.

LG has been constantly innovating the home appliance segment and some of the recent examples are that of LG TwinWash technology in washing machines and their InstaView Door-in-Door refrigerator that the company plans to bring to India soon.

The InstaView door on LG’s new range of refrigerators is a glass panel on the door of the unit. By tapping the glass you can see what’s inside your fridge without having to open it.

InstaView LG Electronics

According to the company, this saves time and helps increase the energy-efficiency of the refrigerator.

This positioning of the company to address the premium needs of consumers is as big as when Goldstar was rebranded as LG Electronics in 1995.

LG’s Signature series was launched in 2016 and in these two years, we have seen some innovations like LG’s TwinWash technology in washing machines that provides the ability to wash two loads of laundry at once.

There is a main and a mini washer with separate compartments for you to simultaneously wash your delicate as well as your regular laundry in one go.

LG has now chosen to go the premium way for its new range of products. However, that doesn’t mean that we won’t see these features on their more affordable products.

The company plans to launch a new air conditioner with a built-in air purifier as well as the InstaView Refrigerator in India.

LG’s decision to have both an affordable and a premium version of the product in the same lineup is an intelligent move. It may work a lot better than what most Chinese manufacturers seem to following—to introduce a sub-brand of affordable products.

(The author is in Seoul, South Korea, attending LG’s India Press Tour on the invitation of LG Electronics India.)

~ENDS~

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