LG's home appliances results not affected by the oil drop

Business Sunday 29/May/2016 18:27 PM
By: Times News Service
LG's home appliances results not affected by the oil drop

Seoul/Muscat: South Korean home appliances giant LG said that although a slump in oil prices has affected the sales of the company’s products in the Gulf region, the magnitude of the fall was much less when compared to other firms in the industry.
“Weak demand caused by the drop in oil prices has negatively affected the sales in the Middle East region,” Taehun Ryu, the head of home appliance sales and marketing for the Middle East and Africa region told journalists, who visited the headquarters of the LG Corporation in South Korea.
“Especially in Oman, the home appliances sector has faced a 20 per cent drop in their sales, (but) LG faced a marginal drop of 5 per cent in the first quarter of 2016,” Ryu asserted.
According to him, LG has a brand name in the Gulf Cooperation Council (GCC) region, which helps them to maintain the growth rate during a period of economic slowdown.
He pointed out that they are expecting a growth in sales during the ‘Ramadan’ period this year. “During Ramadan, we always have a 30 per cent growth in our sales and we hope we can surpass the sales this year,” Ryu added.
“This Ramadan, we are planning to introduce new products to the market. We are also offerings gifts and discounts,” he said.
Speaking about their product designing, Ryu said: “While designing a product, we carry out customer research and find out the needs and this helps us to introduce good products to the market.” “This policy makes us the champions in the market,” he added.
According to Ryu, LG Home Appliance has been introducing innovative products after getting feedback from customers on their specific needs. He explained that LG is now focusing on automobile industry in developing electric cars in cooperation with leading automobile companies.
Ryu also said that LG’s products are based on eco-friendly philosophy. “We develop our products on eco-friendly philosophy, which consumes less energy,” he asserted.
He further said that LG Home Appliance & Air Solution Company recorded sales of KRW4.22 trillion ($3.51 billion) in the first quarter, an increase of 4 per cent year-on-year, thanks to high premium product sales and growth in its business-to-business operations.
LG Home Appliances is also planning to introduce new products to the GCC market like twin washing machine, side by side and dual door in door refrigerators, air conditioner designed for the Gulf region, newly designed microwave oven and a cordless vacuum cleaners.
According to the officials, LG Twin-Wash will allow consumers to experience what people all over the world have been excited about the ability to wash two loads of laundry at the same time. It combines a full-sized front loading washing machine with a mini washer in a hide-away pedestal, generating a whole new set of washing options.
“We are quite pleased to finally bring the LG Twin Wash to consumers in the Gulf region, which can provide the ultimate convenience to those doing laundry for big families,” said Jo Seong-jin, president of LG Electronics and Home Appliance & Air Solutions.
“TWIN Wash significantly cuts down on washing time as multiple loads of laundry can now be handled simultaneously,” he added.
According to him, the powerful main washer handles the bulk of laundry, while the mini washer can be set to run a different wash cycle. He also said that the mini washer is perfect for delicate or specialised items that require a unique wash setting, such as lingerie or baby clothes.
Both the refrigerators — side by side and door in door — have its strong points; with the side-by-side category refrigerator offering enormous food storage space and an ice and water dispenser, while the Dual Door-in-Door refrigerator comes with premium design, sleek finishing and thoughtful food organisation features.
Speaking about the new air conditioner Jo Seong-jin, said, “LG’s flagship Titan air conditioner is the ideal solution for consumers in the Gulf region.”
“Equipped with tropical compressor technology and a variety of cooling features, the Titan helps consumers stay cool during the summer months. The Titan also boasts a state-of-the-art air purification system that removes potentially deadly airborne impurities from the home,” he added.
“In today’s fast-paced modern lifestyle, it is difficult to find enough time to cook. Thanks to LG’s Smart Inverter technology, cooking times are minimised and our microwave reheats and defrosts food completely and thoroughly,” he added.