With the motto of providing the best performance, refined beauty and innovative use, the LG Signature family currently consists of four product categories: organic light-emitting diode TVs, washing machines, refrigerators and air purifiers.
|Participants look at LG organic light-emitting diode TVs at the firm’s OLED TV gallery zone during this year’s IFA consumer electronics show IFA in Berlin. (LG Electronics)|
Since the premium brand was first unveiled at the Consumer Electronics Show in Las Vegas early last year, its products have entered around 30 nations, including the United States, China and United Arab Emirates. LG plans to add 10 more emerging nations, including Russia and India, for the release of LG Signature later this year.
“LG’s refrigerators and washing machines -- especially LG Signature -- are sold at the highest prices in Best Buy stores in North America,” said Kim Un-ho, an analyst at IBK Securities.
The recent expansion of the global OLED TV market is also expected to benefit LG, which has dominated the market since 2013.
“The OLED TV market appears to be about to take off. The number of producers that presented OLED TVs at this year’s consumer electronics show IFA increased to 13 from five last year, with Bang & Olufsen also unveiling OLED TVs in partnership with LG,” said Noh Kyung-tak, an analyst at Eugene Investment & Securities.
LG Signature’s OLED TV has swept the top spots in surveys conducted by consumer magazines in 11 nations, including nine in Europe and one each in the US and Australia. These include Spanish nonprofit magazine OCU Compra Maestra, Dutch consumer magazine, Consumentenbond and Australia’s consumer magazine Choice.
IBK Securities said LG’s sales and operating profits in its home appliances will continue to see growth as the firm has continued to secure new growth by developing new products.
The Korean tech giant seeks to ramp up the premium features of its home appliances by integrating them with artificial intelligence technologies.
“We plan to double the annual investment in the smart home business by 2020 on the basis of artificial intelligence, the Internet of Things and robot technologies,” said Song Dae-hyun, head of the home appliance unit at LG Electronics at the IFA early this month in Berlin.
Song also said the firm would strengthen research and development in smart home technologies including deep learning, voice recognition and information and communication technology by increasing the relevant workforce by more than 50 percent in three years.
This year, LG has adopted Wi-Fi connectivity for all of its new home appliances and has integrated Google’s AI-powered voice assistant Google Home and Amazon’s AI-powered personal assistant Alexa into its premium home appliances.
By Shin Ji-hye (email@example.com)