Quantcast
Jump to content

Join Amazon Prime - Watch Thousands of Movies & TV Shows Anytime - Start Free Trial Now ×

LG CEO Encourages Securing New Businesses and Expanding Growth Opportunities in MEA and India

News Reporter
 Share

Recommended Posts

News Reporter Grand Master

News Reporter

Posted
Posted

Since being appointed to the role of LG CEO, William Cho has made changes internally and on the company’s business portfolio. What’s more, the CEO has taken the time to visit LG local offices and production sites in person around the globe. In the first half of the year alone, Mr. Cho already visited a total of 12 countries across Europe, Asia, the Middle East and North, Central and South America, traveling a total of 145,000 km – equivalent to three and a half laps around the globe.

CEO-at-MEA_01.jpg

At the start of June, CEO Cho visited Saudi Arabia, where he first toured the exhibition hall in Riyadh showcasing the NEOM City Project. There, the CEO was introduced to business opportunities in three projects: ‘The Line,’ a 170km-long eco-friendly vertical city; ‘Oxagon,’ an octagonal high-tech industrial floating complex; and ‘Trojena,’ an iconic mountain resort. Following an in-depth discussion on the NEOM projects, the CEO attended a management meeting to discuss mid- to long-term business strategies in the Middle East and Africa (MEA) region.

“LG will secure various business opportunities in a wide range of fields such as mobility, air solutions and commercial displays as well as home appliances, TVs and IT for the NEOM City project by leveraging the company’s innovative technology accumulated over the years,” said CEO Cho.

CEO-at-MEA_02.jpg

The CEO then toured the company’s air solutions factory in Riyadh, the production base of the company’s premium air conditioners equipped with high-efficiency parts. With excellent cooling performance and high energy efficiency, LG’s air solution products are optimal across the MEA region, where there is a high demand for air conditioners due to the year-round hot climate.

CEO-at-MEA_04.png

“Our presence in Saudi Arabia is of utmost importance, even on a global scale. Our local factory aligns with the Saudi Vision 2030 and plays a core role in producing green energy level products while forming the central production base for the region, exporting to up to 16 countries in the middle east and Asia,” said Mr. Cho. “LG will keep taking initiatives to achieve sustainable growth as well as further strengthen the company’s position as a market leader.”

The CEO’s next destination was India, the world’s most populace nation and a market of growing importance for LG, where the CEO addressed local staff about the company’s future direction.

LG’s Indian subsidiary, celebrating its 26th anniversary this year, has achieved a dominant position in the Indian market by strengthening its infrastructure – establishing a locally-complete business that encompasses sales and production subsidiaries and R&D centers.

CEO-at-India_03.png

In India, Mr. Cho visited LG brand stores, R&D centers and home appliance and TV production lines, witnessing local operations in action and learning about the strategies the subsidiary is employing to boost business competitiveness and secure future growth engines.

CEO Cho’s first stop was the New Delhi sales subsidiary, where he spoke with key staff members about new business opportunities, such as electric vehicle charging solutions and EduTech utilizing digital whiteboard and IT solutions.

“In India, which boasts a large market and considerable growth potential, the company will build on its No. 1 market  share and strategically develop future businesses,” said Mr. Cho.

Speaking with local personnel, CEO Cho also stressed the importance of the brand’s growth in online commerce. LG is targeting increased online sales in India through implementing a differentiated digital strategy founded on a deep understanding of, and empathy for, Indian culture. Earlier this year, responding to the soaring popularity of online shopping in India, the company established an online brand shop (OBS) and launched a direct-to-consumer (D2C) business.

CEO Cho’s Indian itinerary also included the cities of Noida and Pune, where he examined the company’s home appliance and TV product lines and looked into the current status of converting it into an eco-friendly smart factory. LG has pledged to convert 100 percent of the energy used by all production bases around the world into renewable energy by 2025. The company will also increase investment in these two plants this year to expand their capacity to produce premium home appliances. LG washing machines, air conditioners, TVs and monitors produced in these plants are sold not only locally but exported to countries in the MEA region.

# # #

link hidden, please login to view

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
 Share
Go to topic listing

  • Similar Topics

    • News Reporter
      LG CEO William Cho’s Interview with Bloomberg
      By News Reporter
      In a recent interview with link hidden, please login to view, LG CEO William Cho talked about his vision to transform LG Electronics from a top global home appliances company into a ‘smart life solution company.’

       
       

    • jeremyapp
      LG C2 + Samsung S800B sound bar not automatically connecting via ARC most of the time
      By jeremyapp
    • News Reporter
      LG’s OLED Leadership Holds Firm in First Half of 2023
      By News Reporter
      Have you ever wondered how many LG OLED TVs are shipped every year? 100 thousand units perhaps, maybe as much as a million? In the first half of 2023, LG recorded over 1.33 million shipments of its stunning OLED TVs, setting new benchmarks and records its competitors can only dream of.
      According to market research firm
      link hidden, please login to view, LG captured over 55 percent of the global OLED TV market in the first six months based on total shipments. As a renowned OLED TV leader now celebrating 10 years of innovation in this space, LG has once again defended its premium TV crown while further cementing LG OLED TV’s status as the pinnacle of premium TVs.
      The “bigger the better” trend continues to prevail in the TV market, which is great news for LG. As more and more people desire larger TVs for their living spaces, models of 75 inches or larger accounted for a remarkable 11.4 percent share of total OLED TVs sold, while shipments’ yearly average growth rate topped 90 percent over the past five years. Staying on top of this growing trend, LG is resuming its dominance in the market with an outstanding 64.2 percent share in total shipments of OLED TVs over 75 inches.
      LG is targeting this new demand for large and premium TVs in the second half of 2023 with the groundbreaking TV (model 97M3) it unveiled in July, which boasts the world’s first 4K 120Hz wireless solution that makes it easy for customers to achieve their dream interior.

      Not one to be confined, LG unleashed a tidal wave of 10 million TV units (OLED and LCD) on the world, which has helped the company carve out a 16.2 percent share of revenue for itself in the global TV market.
      Despite facing a downturn in the global TV market, LG persisted in strengthening its inventory management and securing higher profits while actively pursuing a strategic approach for its premium and ultra-large displays. And this commitment has paid off substantially, with its LG OLED TVs now accounting for around 30 percent of the company’s overall revenue generated from TV sets.

      TV shipments totaled over 92 million units in the first half of 2023, matching last year’s first half performance. The OLED TV segment, which has been led by LG for a number of years, has already passed the 2 million shipments mark this year, which bodes well for the rest of 2023.
      OLED TVs are continuing their takeover of the global TV market after capturing 9.3 percent of all revenue in the first half. Meanwhile, Omdia predicts that OLED TVs are set to shine even brighter, projecting at least a 43 percent revenue share among premium TVs priced above USD 1,500.
      Find all the latest news on the home entertainment business and learn more about its world-leading innovations on the LG Newsroom.
      # # #

    • Jamesjayne100@outlook.com
      The game has an interface error
      By [email protected]
      Hello friends.
      I just bought an LG V30. Then I downloaded the game Idle Army Base on CHPlay to play.
      When the installation is complete, everything. During game play, sometimes I see the interface blinking on the screen.
      I installed the image normally, but still got the error.
      After much time searching, I deleted and downloaded the
      link hidden, please login to view version on TechSuspect to use
      Everything went very well. So I share with everyone..
    • News Reporter
      A More Colorful World With Life’s Good
      By News Reporter
      Earlier this year, LG introduced its new brand direction and visual identity under the
      link hidden, please login to view to put the spotlight on the value of Life’s Good with a more youthful and dynamic image.
      ‘Life’s Good’ truck at the ‘Life’s Good’ event held in South Korea
      To give employees a deeper understanding of what Life’s Good is all about, the company recently unleashed its on its business sites across South Korea. For its next phase, LG is extending these efforts to customers worldwide by kicking off the campaign’s world tour this month.

      The first city to enjoy the charm of this campaign was Milan, Italy. To commemorate the start of the global campaign, LG CEO William Cho visited the vibrant, historic city in person to join local LG staff in affirming the message of Life’s Good through two major activities: a flashmob and the Life’s Good tram.
      While in Italy, CEO Cho took part in the company’s flashmob at Piazza Gino Valle, where 100 employees held panels up in the air to form a 10×10 square that spelled out Life’s Good. This performance was put on to spread the power of collective efforts and trust in one another while championing the importance of adopting a joyous, can-do attitude to learn and grow together.

      Once the 100-strong team is ready to part ways with these panels, instead of being thrown away, they will be used to decorate LG’s Milan offices for daily motivation. And to ensure the campaign’s message lives on, a tram decorated with Life’s Good photos and messages will operate in Central Milan for about a month.
      The first Life’s Good campaign aims to help people savor every moment of life through LG’s products and services. And with many more campaigns to come in other parts of the globe, each one will highlight LG’s positive Life’s Good message in its own unique way.
      So stay tuned to be the first to learn how this colorful campaign is striking a chord with people around the world.
      # # #

WEBOS FORUMS

MORE SECTIONS

FOLLOW US ON

×
×
  • Create New...