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LG Electronics enlarges premium home appliance line in U.S

Collected: 2016.11.09

Distributed: 2016.11.10

Source: Go Direct

South Korea’s LG Electronics Inc. will release new LG Signature home appliances in the U.S. to seek bigger presence and profit in the high-end consumer electronics market amid prolonged global economic slowdown and fierce competition with Chinese rivals.

LG Electronics on Tuesday announced that it will introduce three new Signature home appliances - washer-dryer combo, dishwasher, and air purifier - in the U.S by the end of this year, completing the luxury Signature home appliance line-up with previously released products including organic light emitting diode (OLED) TV, refrigerator, washer, and oven. The company also plans to add additional showrooms in 10 affluent cities across the U.S.

The electronics maker is also moving more aggressively into the European premium home appliance market dominated by European players. Following an exhibition at the IFA 2016 trade show in Berlin, Germany in September last year, the company opened a LG Signature products experience zone in the Saturn Berlin Europa-Center in Germany and plans to expand into British and French markets by the end of this year. It will next move into developing countries including China, Central and South Americas and the Middle East with its high-end label.

The company has shifted to premium home appliance line-up to carve out different identity from Chinese consumer electronics brands. LG Signature is a product line targeting high-end customer. A Signature refrigerator costs about $7,000.

By Song Sung-hoon and Woo Je-yoon

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