LG Grows $2 Billion Brand in India After 20 Years

LG Grows $2 Billion Brand in India After 20 Years

Smartphones had little to do with the growth

LG Electronics is celebrating its 20th year in India. In the past two decades, the Korean company grew its sales about 60 times and reached $2 billion as of last year.

One of the world’s foremost technology giants is a well-known manufacturer of numerous electronic devices. Their portfolio consists of smartphones, TVs, computer parts, and home appliance. To achieve a success in the Indian market, LG had to understand the needs of Indian customers, including the climate and urban problems. For example, air conditioners or TVs sold in India emit ultrasonic waves to repel mosquitoes.

A good financial result is no surprise, as LG sold about 50 million TV sets in the last two decades. It’s worth mentioning that the company successfully sold 30 million refrigerators and 16 million washers.

LG has grown to become one of the most loved brands in the last 20 years. (…) The company will keep up with the efforts to introduce helpful products for the people here and fulfill corporate social responsibilities.

Kim Ki-wan, vice president of LG Electronics India

The scale of the growth is illustrated in the number of the employees. When LG entered India in 1997, it had just 400 employees. Now the company has 3,400 employees, of which 99% are local. LG was selected as the most attractive brand in a poll by Trust Research Advisory last year and the most trusted brand in 2015.

Unfortunately, there’s not much to say about LG’s smartphone business in India. Compared to LG’s record breaking sales figures in the U.S. (at least, for them), the company has struggled to compete with the likes of Samsung or budget handset manufacturers in the region. Still, with a very competitive general electronics brand in India, it’s not as if the company is struggling to gain a foothold overall.

Source: Korean Herald

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