LG’s CordZero Vacuums First in Product Category to Receive UL’s Certification
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By News Reporter
In the second episode of the ‘Customers at Heart’ series, we arrive in Egypt to see how the LG team here are introducing customized solutions that seek to improve the entire customer experience.
In Egypt, a country where 72 percent of its 111 million population are internet users according to
link hidden, please login to view, the popularity of online shopping is significant. Recognizing this, LG Egypt has taken an extra step to understand and analyze the needs of local customers, aiming to elevate their online shopping experience. Customer needs in Egypt, related to LG’s Online Brand Shop (OBS), both in the digital and physical space, were identified and categorized into three main areas: simplified access to information on store locations or LG appliances; an expanded range of payment options for OBS purchases; and increased flexibility in scheduling for delivery, installation and repairs.
The subsidiary took into account local customer data, even analyzing numerous customer call records and Voice of the Customer (VoC) data to better comprehend their preferences. For example, they observed that over 70 percent of Egyptians use WhatsApp, the messaging service. However, as the country is in the nascent stages of digital finance, many consumers still prefer cash payments. Thus, LG Egypt aimed to provide a wider range of payment options and unique benefits to attract people to the OBS.
Incorporating various data, the company enhanced its messaging features and created an All-in-One chatbot service through WhatsApp. With this service, customers can now choose their nearest store and, by clicking ‘Connect to Promoter’ and selecting text or video chat, they can connect with a knowledgeable sales representative.
LG Egypt also broadened its payment system by offering a method to pay for online purchases in cash upon delivery or in installments. They also improved purchasing benefits, such as member discounts and cleaning service coupons valid for a year from the purchase date.
The company also streamlined the delivery and installation process, allowing both to occur on the customer’s chosen date. This eliminates the need for customers to contact the call center separately for installation, saving them valuable time.
And to ensure customers receive the maximum benefit from their products, LG enhanced its after-sales service by scheduling service technician visits at times convenient for the customers and ensuring issues are resolved in a single visit – eliminating the need for lengthy waits for repairs. To cater to all customer needs, the Egyptian branch introduced ‘same day contact,’ a service that ensures technicians call customers on the same date of order request receipt; ‘Evening Care+’ for customers unavailable during regular office hours; and ‘On time – One Time’, which provides repair reception and processing during evening hours (17:30 – 20:30). The company also streamlined returns through its ‘Instant Exchange Process,’ handing customers the ability to effortlessly request returns or replacements by taking photos.
These innovative changes to the customer experience have been praised by customers nationwide. Its chatbot and location-based features have played a big part in boosting customer satisfaction, and the numbers back this up. Last year, OBS sales increased 169 percent compared to the previous year while registered OBS members went up 79 percent. After witnessing these results, LG Egypt committed itself to further diversifying its customer care program and increasing the All-in-One chatbot’s applicability to provide the ultimate differentiated experience to LG Brand Shop visitors. The company also plans to expand their dedicated service infrastructure to around 90 percent, ensuring that customers associate LG services with ‘On Time – One Time.’
Stay tuned for the next episode of ‘Customers at Heart,’ where we’ll be heading to another global LG office to learn how they’re thinking out of the box to enhance the customer experience.
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By News Reporter
LG Smart TVs Offer Latin American Users Free Anime Onegai FAST Channels for the
First Time With Spanish Subtitles and Dubbing
MEXICO CITY, May. 15, 2024 — LG Electronics (LG) is offering LG TV owners in Latin America free channels from popular Japanese anime platform Anime Onegai through the company’s exclusive, free streaming service, LG Channels. Anime Onegai is a streaming platform focused on anime founded by Japanese company REMOW, delivering Japanese anime straight from Japan. Available for the first time ever, Anime Onegai’s free ad-supported streaming television (FAST) channels are set to delight anime enthusiasts across Mexico, Argentina, Chile, Peru and Colombia with high-quality Spanish subtitles and dubbing. Whether long-time anime fans or exploring the genre for the first time, Anime Onegai on LG Channels promises to deliver a captivating viewing experience on large LG Smart TV screens.
Anime Onegai on LG Channels provides an extensive selection of anime content to the Latin American audience for free, a region boasting a significant anime fanbase with multiple countries among the top consumers of anime worldwide. Exclusively tailored to Spanish speakers, users can discover anime from a diverse range of genres, from thrilling sports, futuristic science fiction and action-packed adventures to rhythmic music and emotional dramas that tug at the heartstrings.
The Anime Onegai Sport channel invites LG smart TV users to enter the captivating universe of “Kuroko’s Basketball,” a must-see anime that fuses traditional sports with fantasy elements for original adrenaline-filled excitement. For those looking for fast-paced storytelling, the Anime Onegai Action channel provides high-octane content like “REBORN!” a gripping series filled with dynamic characters and masterfully crafted fight scenes.
Anime Onegai also offers content that inspires viewers with healing moments for relaxation and reflection. “Natsume Yujin-cho,” a slice-of-life anime featured on the Anime Onegai Drama channel, takes viewers on an emotional journey filled with heartfelt moments. The Anime Onegai Music channel understands the power music holds in transporting viewers to a new world or intensifying a dramatic scene. Here, music fans can immerse themselves in dramas such as “Full Moon,” which promises viewers an immersive experience with enchanting melodies.
In addition to a diverse selection of sports, action, drama and music channels, the Anime Onegai Sci-Fi channel on LG Channels presents compelling narratives with futuristic adventures and unique worldbuilding. LG Smart TV users can dive into the popular sci-fi anime “Broken Blade” and experience a world filled with epic battles, advanced technology and political intrigue.
Available on LG Smart TVs launched in 2016 and later, LG Channels can be effortlessly accessed directly from the home screen. LG Channels remains the preferred choice for LG Smart TV users worldwide, maintaining its position among the top five most used apps. With the addition of Anime Onegai, users can delve into an even broader selection of content for differentiated entertainment experiences.
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By News Reporter
Company Pushes Boundaries With Innovative Business Models
While Balancing Core Operations and Future Growth to Create New Opportunities
SEOUL, April 25, 2024 — LG Electronics Inc. (LG) announced first-quarter 2024 consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion. The company’s home appliance sector demonstrated global leadership, achieving record-breaking revenue and double-digit operating profit margins. The EV components sector, a key driver of future growth, continued its steady expansion. Both the TV and business solutions sectors experienced year-on-year sales growth and returned profits compared to the previous quarter.
Despite navigating challenging macroeconomic conditions such as high commodity prices, volatile exchange rates, rising interest rates and delayed demand recovery, LG achieved its highest-ever total revenue for a first quarter. This milestone underscores the effectiveness of implementing sustainable business models like subscription services and leveraging growth opportunities in the promising B2B sector. LG’s emphasis on differentiating features such as AI, energy efficiency and customer-centric design has strengthened its competitiveness in the premium market. Furthermore, the strategic approach of offering diverse product lineups and flexible pricing structures enabled the company to successfully navigate polarized demand trends.
Operating profit surpassed KRW 1 trillion for the fifth consecutive year, showcasing LG’s strong performance in the face of intensifying market competition. The company’s focus on content/service businesses and direct-to-consumer sales via the Online Brand Shop (OBS) has fueled qualitative growth. Efforts to stabilize raw material and logistics costs, coupled with production location flexibility, have further bolstered profitability.
The LG Home Appliance & Air Solution Company generated first-quarter revenue of KRW 8.6 trillion and an operating profit of KRW 940.3 billion. This represents a notable 7.2 percent increase in revenue compared to the same period last year, setting a new record for first-quarter performance. Operating profits reached the second-highest level in the company’s history, with an operating profit margin of 10.9 percent, underscoring the company’s exceptional global competitiveness.
Driven by its core technologies, particularly in motors and compressors, LG’s home appliance business continues to innovate within a mature market landscape. With a commitment to industry leadership, LG is pioneering transformative initiatives such as product subscription services and advancing the concept of ‘Affectionate Intelligence’ appliances. These innovations are tailored to empathize with and address customer needs effectively. Moreover, LG is strategically expanding its B2B ventures, including HVAC and built-in solutions, to capitalize on emerging growth opportunities.
The LG Vehicle component Solutions Company reported first-quarter revenue of KRW 2.66 trillion and an operating profit of KRW 52 billion, reflecting an 11.5 percent year-on-year revenue increase. The ongoing conversion of backlog orders into revenue is progressing steadily. Despite ongoing investments in overseas production sites to fulfill new orders and meet OEM demands, the company has maintained stable profitability, benefiting from economies of scale resulting from revenue expansion.
While there are expectations of a slight slowdown in the recent growth of EV demand, the demand for high-value-added EV components continues to rise steadily. LG is proactively addressing these market dynamics by developing a balanced portfolio, spanning from in-vehicle infotainment to powertrains and headlamps. The company aims to ensure sustained revenue growth and a stable profit base by actively adapting to these market shifts.
The LG Home Entertainment Company reported first-quarter revenue of KRW 3.49 trillion and an operating profit of KRW 132.2 billion. This represents a 4.2 percent increase in revenue compared to the same period last year, driven by a resurgence in TV demand in Europe and the successful launch of new 2024 models. The positive operating profit was fueled by the robust performance of the webOS content/service business, alongside traditional product sales. Despite challenges such as rising LCD panel prices, the company effectively managed profitability.
Looking ahead, a gradual recovery in the TV market demand is anticipated in the second half of the year. LG’s strategy focuses on leveraging its globally leading OLED TV and premium LCD QNED TV offerings while continuously enhancing the profitability of the webOS platform business, which is poised for rapid growth.
The LG Business Solutions Company reported first-quarter revenue of KRW 1.57 trillion, marking a 6.5 percent increase year-over-year, and an operating profit of KRW 12.8 billion. The launch of new LG gram laptops, featuring on-device AI and timed for graduation and enrollment seasons, garnered positive market feedback. In addition, sales of commercial display products, including electronic whiteboards and LED signage, experienced growth. While operating profit returned to positive territory from the previous quarter, there was a slight decrease compared to the same period last year, attributed to factors such as rising component prices and intensified competition.
This year, the overall IT market is expected to maintain similar demand levels to the previous year, with a slight growth anticipated in the commercial display segment. There is an expected increase in demand for high-spec IT products like gaming monitors and LED signage. LG aims to lead the market with strategic IT products tailored to customer needs, integrating gaming-specific features and OLED displays, alongside premium LED products. Efforts to proactively develop promising new businesses such as robotics and EV charging continue to drive future growth prospects.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on April 25, 2024, at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants should pre-register online to receive a private 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
LG 2024 OLED evo TVs Demonstrate Company’s Dedication to
Sustainability and Highlight Premium Value of LG OLED TVs
SEOUL, Apr. 16, 2024 — LG Electronics (LG) continues to receive recognition for its steadfast commitment to sustainability and eco-conscious practices. LG 2024 OLED evo TVs achieved Reducing CO21 and Measured CO22 certifications from the Carbon Trust3 and Environmentally Evaluated Mark4 from Société Générale de Surveillance SA (SGS), marking the fourth consecutive year of consistent acknowledgement for LG’s ESG initiatives. LG’s newest OLED TVs have also earned their second successive Recycled Content certification5, further demonstrating LG’s sense of environmental responsibility.
The Carbon Trust works to usher the globe into a future of zero carbon emission by assessing the environmental impact of a product’s entire life cycle, from production and distribution to use and disposal. SGS certification focuses on resource efficiency and the presence of hazardous substances, while Intertek measures the percentage of recycled materials used. The organizations’ respective approaches promote responsible consumption practices across diverse industries and contribute to the broader goal of sustainability worldwide.
Notably, the self-lit nature of LG OLED TVs garners significant attention in stringent sustainability evaluations. Unlike LCD TVs, LG OLED TVs do not require a backlight, meaning a simpler structure and fewer necessary components. For instance, LG’s 65-inch OLED evo, made of ultra-light composite fiber, requires only 40 percent of the plastic typically used in an LCD TV of the same size screen and weighs 20 percent less.
Based on the estimated sales of LG OLED TVs this year, the total amount of plastic used in LG OLED TVs from 2022 to 2024 is expected to be 45,000 tons lower than that of LCD TVs sold during the same period. The reduction in plastic usage will lead to a decrease in carbon emissions of approximately 234,000 tons a year, equivalent to the carbon dioxide absorbed by a 30-year-old pine forest. This number translates to one-third of the area of Seoul or about 31,000 soccer fields.
Recycled plastics account for about 20 percent of the plastic used in the manufacturing of all LG TVs, including OLED TVs, equal to around 4,000 tons of recycled waste plastic annually.
Beyond environmental activities, LG’s various ESG initiatives have received praise from reputable domestic and international organizations. In 2023, LG was named in the Dow Jones Sustainability World Index (DJSI World) for the twelfth year in a row. The DJSI World ranks in the top ten percent of the largest 2,500 global companies based on their long-term economic, environmental, social and governance practices. The company’s inclusion on this prestigious list for twelve consecutive years is a significant milestone, as LG is the sole South Korean company in the Leisure Equipment & Products and Consumer Electronics industry category to achieve this feat.
Furthermore, LG has received the ‘Comprehensive A grade’ from the ESG Evaluation and Rating Announcement of Korea ESG Standards Institute (KCGS) for three years running, and last year, the company earned its fourth back-to-back ‘A’ rating from the Morgan Stanley Capital International (MSCI) ESG Rating.
“LG OLED TVs lead the market as the ultimate choice for premium viewing experiences, while also going beyond to set the bar for ESG standards,” said Baik Seon-pill, leader of the LG Home Entertainment Company’s Product Planning Division. “LG will remain devoted to continuing efforts toward creating a better planet for all.”
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1 77/65/55-inch LG OLED evo G4 models.
2 97/83-inch LG OLED evo G4 models and all LG OLED evo C4 models.
3 Only applies to listed products sold in markets/regions participating in the Carbon Trust’s labeling program.
4 All LG OLED evo G4 and C4 models.
5 All LG OLED evo G4 and C4 models.
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By News Reporter
Company Achieves Record-breaking
First-Quarter Revenues by Surpassing Boundaries Once Again
SEOUL, Apr. 5, 2024 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the first quarter of 2024, reporting a consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion.
The company marks the highest first-quarter revenue in its history. The implementation of innovative business models such as subscriptions, along with the expansion of B2B operations, have proven to be crucial in overcoming challenges like the delayed recovery of market demand. From a product perspective, LG’s strategy to enhance the product range and price coverage of volume zone lineups, in response to market demand polarization, has demonstrated significant effectiveness. This strategy, combined with the company’s dedication to sustaining strong competitiveness in the premium market by emphasizing unique factors like AI, has played a substantial role in achieving the impressive figure.
The first-quarter operating profit has surpassed KRW 1 trillion for the fifth consecutive year since 2020. The company’s content and service business, which leverages its hundreds of millions of devices distributed globally as a platform, along with D2C sales, are driving qualitative growth and enhancing the contribution to the company’s operating profit. Measures such as resource allocation, stabilization of raw material and logistics costs and ensuring the flexibility of the global production operation system have also played a part in maintaining stable profitability.
In the home appliance & air solution business, new products like the LG Styler clothing care system, LG WashCombo All-in-One and LG WashTower have led growth, receiving positive market feedback. The strategy of expanding the volume zone lineup to cater to regional characteristics and shifts in demand in international markets has been successful. The company is also growing its B2B business, including HVAC, built-in appliances and component solutions.
LG aims to expedite the paradigm shift in home appliances by introducing subscription services that allow customers to choose appliances and product management services that suit their lifestyles. Also, as AI expands its role in customer electronics, the company is incorporating its Affectionate Intelligence into its devices and services, aiming to provide a unique customer experience that goes beyond basic AI, offering more thoughtfulness and empathy towards customers.
In the vehicle component solutions business, a secured backlog of orders is driving gradual sales growth. The order backlog is expected to exceed KRW 100 trillion in the first half of this year, increasing from the mid-90 trillion range at the end of last year. For In-vehicle Infotainment, a major contributor to sales, the emphasis this year is on bolstering software capabilities and broadening the spectrum of unique products. LG Magna e-Powertrain, having achieved profitability last year, is poised to accelerate growth by securing additional orders from the European and Asian markets. Concurrently, ZKW, a subsidiary specializing in vehicle headlamps, is strategizing to develop next-generation product capabilities while optimizing its business structure.
The home entertainment business is continuing to experience meaningful growth with the launch of new 2024 OLED TV lineup with enhanced AI performance as well as the expansion of webOS content and services. Starting this year, the company will actively deploy dual-track strategy driven by both the top-tier OLED lineup and the QNED lineup to lead the premium market. Furthermore, the webOS platform business will be developed into a scalable, high-profit business this year.
The business solutions sector continues to innovate customer experience through strategic products such as the new LG gram that comes with the latest on-device AI functions and gaming monitors. This year, the company will position itself with a competitive lineup of the commercial displays and continue to invest in future growth engines such as robots and electric vehicle charging, accelerating the early deployment of promising new businesses.
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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