LG Electronics in partnership with Opalnet Limited has opened its fourth Brandshop amid a 20% increase in consumer demand attributed to Kenyans increasing preference for using smart electronics and appliances.
LG Electronics East Africa MD Sa Nyoung Kim said that an increase in disposable income, a growing middle-class and a preference to usage of smart electronics and appliances has led to an increase in demand for LG products since March 2020.
“This brandshop is a showcase of our commitment to redefining retail standards in the Kenya which we see as having a great growth potential for LG. Furthermore, we strongly believe that recently introduced Extended Producer Responsibility Regulations Bill has encouraged the setup of smart homes and uptake in smart electronics and appliances that support the internet of things which LG strongly supports,” said Mr. Kim.
The new outlet – operated by LG’s authorized distributer Opalnet – is located at AdLife Plaza Building in the Nairobi Kilimani Area and will sell all LG’s popular electronic household products.
Opalnet MD Rakesh Singh noted that the brandshop opening seeks to serve a market segment that would like to interact with products prior to purchase.
“In the last months, we have seen an increase in the purchase of the LG TWINWASH washing machines, the LG OLED televisions and NanoCell television. Most of our customers visiting our dealers and retail outlets seeking electronics that will bring the cinemalike experience in their homes awhile minimizing physical contact,” said Rakesh.
Designed to meet consumer’s needs, the new shop will also feature a ThinQ Experience Zone displaying products equipped with Smart ThinQ and AI technology. This intended to give consumers an exclusive opportunity to witness firsthand how the company is enabling the AI, premium lifestyle experience. The product lineup will include the OLED TVs, InstaView Door-in-Door refrigerators, LG TWINWash washing machines, DUALCOOL Air Conditioners among other home appliances.
LG East Africa remains a leading supplier of home electronics and appliances in the region and has stores in Kenya, Uganda, Tanzania, Ethiopia, South Sudan, Zambia and Rwanda. Over the years, the company has been working closely with Opalnet Limited to ensure that LG products get as closer its consumers. Currently, there are four premium shops in the Kenyan market as the company plans to expand the premium brand shops to other towns in the country as well as in the East Africa region.
Last month, LG Electronics announced its third-quarter 2020 consolidated revenue of $14.24 billion and operating profit of $807.14 million. Both sales and profits were the highest for a third quarter in 62-year history of LG Electronics. Led by strong growth in home appliances and home entertainment, overall sales increased 7.8 percent and operating income improved by 22.7 percent compared with the same period last year.
The LG Home Appliance & Air Solution Company reported third-quarter revenues of $5.18 billion, an increase of 15.5 percent from the same quarter last year and the highest quarterly sales in the company’s history thanks to a growth in demand for steam-capable appliances such as washing machines and Stylers. The LG Home Entertainment Company posted sales in the third quarter of $3.09 billion, 14.3 percent higher than the same period last year driven primarily by the resurgence in demand of premium products such as OLED and large screen TVs in mature markets of North America and Europe. The company aims to continue its success by increasing the proportion of premium TVs and to grow online sales.
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