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Press Release

01/08/2008

PRODUCT LEADERSHIP, PREMIUM BRAND KEY TO LG ELECTRONICS' GROWTH IN NORTH AMERICA: CEO

LAS VEGAS, Jan. 6, 2008 - LG Electronics, which launched its LG brand consumer electronics products in the United States in 2004, is now a top-tier player in the North American market, declared Michael Ahn, CEO of LG Electronics North America.

 

LAS VEGAS, Jan. 6, 2008 - LG Electronics, which launched its LG brand consumer electronics products in the United States in 2004, is now a top-tier player in the North American market, declared Michael Ahn, CEO of LG Electronics North America.
In his keynote address during LG's press briefing at the 2008 International CES� here today, Ahn announced that LG Electronics achieved revenue of $11.5 billion for full-year 2007 in North America, up from 5.6 billion just four years ago. The North American revenue target for 2008 is $13 billion, he said.
"In the U.S., product leadership drove revenue growth across every division in 2007," he said. Consumer electronics revenues were up 32 percent, mobile phone sales grew by 28 percent, and home appliance revenues increased by 31 percent.
He said the growth is a result of "a focus on consumers and delivering products that are innovative and stylish." LG-brand LCDs and plasmas ranked in the top three by leading consumer satisfaction surveys; honors include 14 CES 2008 Innovations Awards, as well 27 redDot design awards, he said.
Aided brand awareness increased to 83 percent from 75 percent in 2006 and 65 percent in 2005. "More significant, independent research shows how the LG brand perception is evolving. In 2005, we were known as young and cheerful. Today, consumers view LG as innovative, stylish, reliable and trustworthy," Ahn said.
The chief executive said premium brand positioning and profitable growth continue to be top priorities. "But that cannot happen without product leadership," he said. "We have a clear strategy to build LG as a premium brand, leverage consumer insights and deliver innovative products that focus on design, technology and consumer benefits."
Highlighting integrated marketing campaigns, new partnerships and a broadened online presence for 2008, Ahn concluded: "Our goal is to be known as an innovative company with premium, reliable products that exceed consumer expectations."
With product leadership and premium brand positioning, the CEO said LG Electronics USA is striving in 2008 to become a top 3 player in the flat panel TV business with double-digit market share, to secure a top 2 position in the mobile phone business, and maintain its leadership in front-load laundry and French door refrigerators.
About LG Electronics USA, Inc.
LG Electronics North America, based in Englewood Cliffs, N.J., is the regional headquarters of LG Electronics, Inc., a global force in consumer electronics, mobile communications and home appliances. In the United States, Canada and Mexico, LG Electronics sells a wide range of consumer electronics (digital display and digital media) products, mobile phones and digital appliances, under LG's "Life's Good" marketing theme. For more information, please visit www.LGusa.com.
CONTACT:
John I. Taylor (847) 941-8181, john.taylor@lge.com
Clara Chang (201) 816-2011, clara.chang@lge.com
Nathan Friedman (312) 397-6009, nathan.friedman@ogilvypr.com

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