LG Claws Back World Lead in KITCHEN APPLIANCES
04 May, 2020
LG has regained the lead in the global home appliance market, overtaking Whirlpool in both sales and operating profit in the first quarter of the year.
LG outpaced Whirpool in the first half of last year but then fell back again to second place.
Whirlpool posted sales of US$4.33 billion and operating profit of US$260 million in the first quarter, while LG posted W5.42 trillion in sales and W753.5 billion in operating profit, W150 billion and W440 billion a lot more than Whirlpool (US$1=W1,219).
The reason was probably that LG expanded its product lineup by launching new appliances with advanced technologies such as for example electronic home air cleaners, dryers and clothing care gadgets.
LG expects to lead the market through the entire first half of the year since Whirlpool is more reliant on the U.S. market, where the slump is expected to be more severe because of President Donald Trump's mishandling of the coronavirus crisis.
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