LG Electronics Inc (LG) has today opened its fourth Brandshop in Kenya that will be operated by the companies authorized supplier Opalnet.
The launch comes after a sharp increase in consumer demand for smart electronics and appliances. The company has recorded a 20 per cent growth in demand for its products since the beginning of quarter two 2020 that continues to progress steadily even through the pandemic.
LG Electronics East Africa Managing Director Mr. Sa Nyoung Kim says ” 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.”
The new outlet is located at AdLife Plaza Building in the Nairobi Kilimani Area and will sell all LG’s popular electronic household products.
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.
“This brand shop is a showcase of our commitment to redefining retail standards in Kenya which we see as having 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.
Opalnet Limited Managing Director Mr. 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 Mr. Rakesh.
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.
The company continues to cut through the economic crunch with positive numbers in the region. Last month, LG announced its third-quarter 2020 consolidated revenue of USD 14.24 billion. And an operating profit of USD 807.14 million. Both sales and profits were the highest for a third-quarter in the 62-year history of LG Electronics. Led by strong growth in home appliances and home entertainment, overall sales increased by 7.8 percent. Operating income improved by 22.7 percent compared with the same period last year.