LG Electronics intends to open eight more LG brand stores in Malaysia this year. According to managing director K.T. Kim, the company will collaborate with local partners to open the LG brand outlets, The Star reported.
Kim added that the cost for each new store is approximately RM200,000. He added that the company is aiming for a double-digit percentage growth in sales in Malaysia this year, and that it intends to aggressively promote the sales of its “premium and innovative products”. These include TVs, audio-visual home entertainment products and washing machines. According to Kim, LG opened 25 brand shops in Malaysia in 2017.
A+M has reached out to LG for comment.
LG saw a revenue of KRW15,224.1 billion in the third quarter ended 26 October 2017, a 1.2% decline from the previous quarter last year. The company said this can be attributed to continued business risk caused by trade conflict from increasing US trade protectionism, as well as strong price competition risk from entering the year-end peak season. It aims to increase premium product sales through “differentiating” marketing activities, as well as gain competitiveness in its B2B business by leveraging its strengths in its B2C business.