LG NOVA Announces Fourth Annual InnoFest 2024, Invites Entrepreneurs, Investors and Startups to Innovate for Building a Better Tomorrow
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By Alex
To compete with Samsung’s Frame TVs, LG announced it’s getting into the space with LG Gallery TV.
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In just the past couple years, the that’s been dominated by Samsung’s The Frame has seen growth, with additions from both TCL and Hisense. Now LG has announced its own entry, the LG Gallery TV. The TV will leverage the Gallery+ service that LG released earlier this year, which includes thousands of display visuals ranging from pieces of art to cinematic images to gaming scenes. Much like Samsung’s Art Store, Gallery+ has a limited free option, but its full capability requires a subscription.
The new Gallery TV shouldn’t be confused with the G Series OLED TVs, like the , even though the G Series used to be called the Gallery Series up until a couple years ago. The Gallery TV is a mini-LED TV with “a specialized screen that reduces glare and minimizes reflections for an art-like viewing experience” (so it likely has a matte coating). LG hasn’t specified the backlight configuration, but all of the other art TVs use edge lighting, so it’s a safe bet that this one will as well. OLED technology, while offering superior picture quality to mini LED, isn’t able to display a single image for an extended time without concern of image retention (or burn-in).
LG has taken a cue from Hisense and includes a frame with the Gallery TV. The default frame is white, with the option to purchase an additional wood-colored frame. The TV will be available in 55 and 65 inches, but pricing has yet to be released.
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By News Reporter
Lyu Jae-cheol Appointed as New CEO to
Strengthen Fundamental Competitiveness of Core Businesses
SEOUL, Nov. 27, 2025 — LG Electronics (LG) today announced that Lyu Jae-cheol will assume the role of Chief Executive Officer, effective December 1. Mr. Lyu has successfully led the LG Home Appliance Solution (HS) Company, driving sustainable growth through expanded B2B operations, subscription-based and direct-to-consumer (D2C) business models, and continued competitive leadership based on LG’s core strengths in home appliances.
As CEO, Mr. Lyu will focus on expanding LG’s market-leading DNA in home appliances – built on delivering differentiated customer value – across the entire organization, further enhancing the company’s fundamental competitiveness and growth potential.
Mr. Lyu joined Goldstar (now LG Electronics) in 1989 as a researcher in the Home Appliance Research Center and has spent nearly half of his career in home appliance R&D, building deep technical expertise that has shaped his leadership approach. Since 2021, he has served as head of the H&A (now HS) Company, leading LG to become the global No. 1 home appliance brand.
Despite delayed recovery in consumer sentiment and intensifying market competition, he strengthened the leadership of flagship products while laying the groundwork for sustainable growth through continuous R&D. He also expanded HS Company’s business portfolio by advancing appliance subscription services, online channel growth and B2B business areas such as built-in appliances and component solutions.
Leadership Transition
William Cho will step down to support a healthy leadership transition after laying a strong foundation for sustainable growth during his four-year tenure as CEO.
Mr. Cho, who joined LG in 1987 and has dedicated 37 years to the company, expanded LG’s business beyond home appliances into sectors such as mobility and commercial spaces and established a mid- to long-term vision to transform LG into a Smart Life Solution Company that connects and extends customer experience across diverse spaces. His strategic direction prioritized performance in core businesses; growth in B2B, non-hardware and D2C areas; expansion into high-potential Global South markets; and exploration of new business domains – each becoming key milestones in LG’s future growth strategy.
To further accelerate growth of LG’s two key B2B pillars – vehicle solutions and heating, ventilation and air conditioning (HVAC) – the company has promoted Eun Seok-hyun, head of the Vehicle Solution (VS) Company, and James Lee, head of the Eco Solution (ES) Company, to president.
Kwack Do-yeong, who brings extensive experience in sales and strategy at the HS Company and a deep understanding of global markets, has been appointed Region Representative of LG Electronics North America and head of LG Electronics USA.
2026 Organizational Restructure
This year’s organizational changes focus on enhancing efficiency to build a more agile decision-making structure capable of responding to rapid external shifts, while reinforcing selective and focused operations to accelerate LG’s mid- to long-term portfolio strategy.
LG will maintain its existing four-Company structure, ensuring fast and accountable decision-making at the Company level. Similar and adjacent functions across business organizations will be integrated to streamline operations and improve execution efficiency.
With Mr. Lyu’s appointment as CEO, executive vice president Baek Seung-tae, previously head of the Kitchen Solutions Business, will assume leadership of the HS Company. Baek has strengthened global appliance competitiveness through roles leading both the Living Solutions and Kitchen Solutions Business and is well positioned to advance global production strategies under changing market conditions. The heads of the Media Entertainment Solution (MS), VS and ES Companies will remain in their roles to ensure continuity and strategic momentum.
Strengthening Growth Foundations for Future-oriented and High-potential Businesses
In parallel with organizational efficiency, LG is establishing new engines to accelerate high-potential business domains including HVAC, webOS and robotics.
The HS Company will establish the HS B2B Overseas Sales Division to grow global built-in and builder-focused business, and elevate the Built-in/Cooking Business Division to a Business. The HS Robotics Lab will be newly created, integrating select functions from the Chief Technology Office’s Advanced Robotics Lab. Research Fellow Lee Jae-wook, who led the Humanoid Robot Task, will head the lab. The MS Company will integrate its TV and IT Businesses into a single Display Business, and establish a Display Product Development Group to strengthen product competitiveness. The webOS Advertisement Business Department will be elevated to a Business to strengthen support for the expansion of webOS-based service operations The ES Company will establish a new Applied Business Division focused on HVAC solutions for data center cooling, ventilation, refrigeration and nuclear power, while launching the ES M&A Division and ES Overseas Sales Division to support localized, end-to-end overseas operations. Within the Chief Technology Office, a new HS Advanced Research Lab will enhance fundamental technology competitiveness, and a Next-Generation Computing Lab will be established to strengthen leadership in emerging technologies such as quantum and distributed computing and next-generation security. To drive companywide AI transformation, the existing DX Center and Business Process Innovation Division will be integrated into a new organization, the AX Center. Under the leadership of senior vice president Cho Jung-bum, former head of the DX Center, the AX Center will spearhead efforts to accelerate AI adoption, enhance operational efficiency, advance R&D and strengthen employee capabilities. All appointments and structural changes take effect December 1, 2025, with promotions effective January 1, 2026.
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By News Reporter
Working in close partnership with top experts from all around the world, LG continues to play a leading role in shaping the future of the global heating, ventilation and air conditioning (HVAC) industry. As part of that effort, the company holds annual LG HVAC Leaders’ Summits – a global gathering designed to share knowledge, spark innovation and build stronger partnerships.
The 2025 edition of the summit began earlier this year in Africa and is now expanding to key regions including Asia, India, the Middle East and Latin America. This wider reach reflects LG’s goal of fostering deeper collaboration and driving technical exchange across the global HVAC community.
Tailored for professionals passionate about propelling the industry forward, the LG HVAC Leaders’ Summit offers a rich mix of hands-on experiences and expert-led discussions. So far, this year’s events have welcomed influential HVAC consultants and decision-makers from Africa, the Middle East and seven Asian countries. Many attendees are currently involved in major national HVAC projects, making the summit a key forum for in-depth discussions and a gateway to meaningful cooperation.
At the heart of the summit are a series of seminars led by LG experts. Topics have ranged from market-specific challenges – such as carbon-neutral building mandates – to the latest advances in variable refrigerant flow (VRF) technology and specialized cooling solutions for data centers. One standout session focused on LG’s dedicated HVAC systems for data centers, offering participants valuable insight into how LG delivers sustainable, high-efficiency climate control in high-load environments.
Real-world success stories also played a central role. Case studies from Southeast Asia, including the Philippines, Indonesia and Thailand, showcased the performance and energy savings achieved with the LG Multi VTM i system. Another session highlighted LG Singapore’s approach to achieving Green Mark certification, reinforcing how LG solutions align with customers’ diverse energy and performance demands.
Participants at the Asia and India Summit also had the opportunity to see LG solutions in action. In Paju, South Korea, they visited a café equipped with 40 LG round cassette indoor units, offering a great example of how HVAC can blend comfort with design. Then in Songdo, they toured a large residential complex utilizing LG’s Multi V S system and 1-way cassettes – demonstrating how LG HVAC integrates seamlessly into modern living spaces.
Meanwhile, attendees from the Middle East took part in technical tours to deepen their understanding of LG’s HVAC capabilities. The first stop explored the company’s chiller factory in Pyeongtaek, where the group observed LG’s high-efficiency chiller manufacturing production line. This was followed by a visit to LG Smart Park in Changwon, home to advanced compressor lines and R&D facilities. These visits showcased LG’s strong manufacturing and innovation backbone, reinforcing the company’s commitment to sustainable, future-ready HVAC solutions.
Beyond the technical sessions and site tours, the summit also created space for relationship-building. Highlights included LG Night, an evening of cultural exchange and networking, where participants connected more personally with the brand and with each other. The summit also served as a platform for sharing LG’s people-centric values, brand philosophy and long-term commitment to building strong global HVAC partnerships.
Building on the summit’s momentum, LG also hosted InnoFest AIR 2025 APAC from June 23 to 25. Around 100 dealers and contractors from 13 Asian countries – including the Philippines, Singapore, Thailand and Vietnam – gathered to experience LG’s latest product lineup. Participants visited LG Smart Park to see residential and commercial air conditioner production lines, and experienced the company’s 60-year legacy of innovation at the Heritage Lounge.
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By News Reporter
Company Achieves Highest Annual Revenue as Home Appliances and Vehicle
Components Continue Growth for Ninth Consecutive Year
SEOUL, Jan. 23, 2025 — LG Electronics Inc. (LG) announced its financial results for the year 2024, disclosing a consolidated revenue of KRW 87.73 trillion and an operating profit of KRW 3.42 trillion. This marks a new record for the highest annual revenue in the company’s history.
In terms of revenue, both the home appliances and the vehicle components business continued their growth for the ninth consecutive year, contributing to the company’s highest revenue achievement. The LG Home Entertainment Company and Business Solutions Company also saw an increase in revenue compared to the previous year.
Operating profit experienced a slight decline compared to the previous year, primarily due to external factors such as a delayed recovery in global demand for home appliances and increased logistics costs in the second half of the year. Despite these challenges, the company maintained a stable profit structure on an annual basis. This stability was achieved through qualitative growth resulting from business portfolio restructuring and the operating leverage effect from increased sales.
2024 Business Performance
The LG Home Appliance & Air Solution Company reported a revenue of KRW 33.2 trillion in 2024. After surpassing KRW 30 trillion in annual revenue for the first time two years ago, the Company has continued to demonstrate sustainable performance, achieving double-digit revenue growth last year. Operating profit reached KRW 2.04 trillion, overcoming the challenges posed by increased logistics costs. This marks the first time since 2021 that the Company has exceeded KRW 2 trillion in operating profit.
The Company’s qualitative growth was driven by changes in its business models, which include home appliance subscriptions and Direct-to-Consumer sales. Revenue from home appliance subscriptions surged by over 75 percent compared to the previous year, nearing KRW 2 trillion. In addition, the B2B segment, which includes heating, ventilation and air conditioning (HVAC) systems, continued to expand.
The LG Home Entertainment Company reported a revenue of KRW 15.23 trillion and an operating profit of KRW 315.9 billion in 2024. Sales of OLED TVs saw growth in regions such as Europe and Asia, driven by global sports events. Additionally, the webOS-based advertising and content business surpassed KRW 1 trillion in annual revenue.
The LG Vehicle component Solutions Company reported a revenue of KRW 10.62 trillion in 2024, marking the second consecutive year it has surpassed KRW 10 trillion in revenue. Despite experiencing a temporary slowdown in demand for electric vehicles, the Company demonstrated stable revenue growth for the ninth consecutive year, supported by a high order backlog. However, operating profit decreased to KRW 115.7 billion compared to the previous year, primarily due to increased development costs for new order projects and R&D investments aimed at transitioning to software-defined vehicles (SDV).
The LG Business Solutions Company reported a revenue of KRW 5.69 trillion in 2024, with an operating loss of KRW 193.1 billion. The increase in revenue was driven by a focus on customized commercial displays for sectors such as hotels, stores, businesses and schools, as well as premium IT products like the LG gram. However, the Company continued to face operating losses due to rising raw material prices for key products and intensified market competition.
2025 Business Directions
LG will consistently pursue qualitative growth through business portfolio innovation, despite the rapidly changing global market and competitive environment. Following the regrouping of the company’s business operation units at the end of last year, LG aims to enhance synergies between its businesses and improve operational efficiency. Additionally, LG will focus on strengthening the fundamental competitiveness of its businesses in terms of quality and cost, while securing a sound profit structure.
The LG Home Appliance Solution Company plans to launch new products with regional specialization and AI applications, aiming to expand sales by increasing sales of its volume zone lineups. The Company will also advance its AI home solution business to achieve its goal of “Zero Labor Home, Makes Quality Time.” Additionally, the subscriptions business will actively expand beyond Korea, Malaysia and Taiwan to include Thailand, India and other regions, continuously creating new opportunities.
The LG Media Entertainment Solution Company aims to expand sales of premium products such as OLED and QNED, while providing differentiated customer experiences through AI features. The Company will integrate operations of LG’s screen-based businesses – including TVs, IT devices and information displays – to enhance synergies between hardware and platform businesses. Additionally, webOS will be developed into an integrated content and services platform for both indoor and outdoor use through continuous content investment and partnership expansion.
The LG Vehicle Solution Company aims to focus on going beyond a supplier of vehicle components to becoming a provider of innovative solutions for the entire vehicular experience. The Company will focus on securing SDV capabilities in preparation for the future. It will also strive to maintain stable revenue based on its order backlogs while improving profitability through product mix enhancement and overall operational improvements.
The newly established LG Eco Solution Company aims to rapidly grow LG’s HVAC business into a global top-tier player by leveraging its core technological competitiveness in key components such as motors and compressors. The Company will focus on building locally self-sustainable production systems and developing region-specific solutions. It will provide comprehensive solutions optimized for various spaces, including industrial, commercial, public and residential facilities, ranging from large chillers to commercial and residential air conditioners.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on January 23, 2025, at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN. To participate in the conference call, dial +82 31 810 3130, enter passcode 6418# and then the PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.
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By News Reporter
Company Sets New Record for Annual Revenue
SEOUL, Jan. 8, 2025 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the fourth quarter and full-year of 2024, reporting a consolidated revenue of KRW 87.74 trillion and an operating profit of KRW 3.43 trillion. This marks a new record for the highest annual revenue in the company’s history.
Over the past four years, LG’s consolidated revenue has seen a compound annual growth rate of over 10 percent. The company has managed to grow while maintaining solid fundamentals amidst various external uncertainties. Strategic shifts in business models, including subscription services and Direct-to-Consumer (D2C) initiatives, have driven growth beyond the limits of its core businesses. The expansion of Business-to-Business (B2B) operations has also contributed significantly to the revenue increase.
Despite various challenges, profitability remained stable on an annual basis. In the second half of last year, unexpected global shipping cost surges and one-time costs for inventory rationalization impacted profitability. However, the overall annual business performance showed positive qualitative growth driven by business portfolio realignment.
In the fourth quarter of last year, LG recorded consolidated revenue of KRW 22.78 trillion and an operating profit of KRW 146.1 billion. This year, the company aims to accelerate qualitative growth through business portfolio transformation. LG will focus on strengthening fundamental competitiveness in areas such as quality and cost while maximizing efforts to secure a robust profit structure through fixed cost efficiency.
The home appliance business, a core segment for the company, is expected to surpass KRW 30 trillion in revenue for the second consecutive year. The strategy of expanding AI appliances and volume zone lineups, along with diversifying business models to subscription and D2C, has driven solid performance. Growth in the B2B sector, including heating, ventilation and air conditioning (HVAC), built-in appliances and component solutions, continues steadily.
LG plans to expand its subscription business to countries such as Thailand and India, in addition to existing markets like Korea, Malaysia and Taiwan. The HVAC business, which holds the largest share in LG’s home appliance B2B area, will now operate as an independent business unit to become a global top-tier, comprehensive air solutions business.
In the TV business, despite the overall market experiencing delayed demand recovery, demand in premium markets such as Europe is gradually improving. The company’s webOS-based advertising and content business continues to expand its ecosystem across TVs, smart monitors and automotive infotainment systems. Beginning this year, the company will seek to further expand the foundations of its advertising and content business through its OLED and QNED “Dual Track” strategy in premium markets, as well as meeting market-specific demands across the globe with volume zone lineups. Additionally, in accordance with last year’s organizational restructuring, the company plans to enhance synergies between hardware and platform businesses through the integrated operation of its screen-based offerings including TVs and IT and ID products.
The vehicle component business has experienced a temporary slowdown in demand for electric vehicles. Despite this, it has continued to achieve solid results and is on track to surpass KRW 10 trillion in revenue for the second consecutive year. The company will focus on responding to the transition to software-defined vehicles (SDV) and strengthening internal stability through profitability-centered operations.
These figures are tentative consolidated earnings based on K-IFRS provided as a service to investors prior to LG Electronics’ final earnings results, including net profit. Details regarding each division will be announced officially later this month.
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