According to company data, LG’s sales there grew about 60 times to reach $2 billion as of last year, having first entered the Indian market in 1997.
|Indian consumers check out a water purifier at an LG Electronics shop in Noida, northern India, on Monday. (LG Electronics)|
In the past two decades, the number of LG employees and executives operating in the country expanded more than eightfold from some 400 to 3,400, contributing to job creation there, the company said. About 99 percent of employees are locals.
The company focused on the localization of the brand by introducing electronics tailored to the needs of Indian consumers.
For example, LG launched fridges that preserve chilled air for up to seven hours in case of power cuts and air conditioners and televisions that emit ultrasonic waves to fight mosquitos.
As a result, the company sold about 50 million TV sets, 30 million refrigerators and 16 million washers in India over the two decades.
“LG has grown to become one of the most loved brands in the last 20 years,” said Kim Ki-wan, vice president of LG Electronics India. “The company will keep up with the efforts to introduce helpful products for the people here and fulfill corporate social responsibilities.”
According to market researcher Trust Research Advisory, LG was selected as the most attractive brand in a poll last year and the most trusted brand in 2015.
By Song Su-hyun (firstname.lastname@example.org)