LG will launch a “disruptive” assortment of future-proof appliances this year.
And reports record revenues propelled by appliances
By Alan Wolf, YSN
LG is planning to introduce approximately 20 “upgradeable” appliance models this year that can be future-proofed with software and hardware updates.
The Korean conglomerate said the “disruptive” new feature is intended to extend its products’ usefulness as customer lifestyles evolve and new patterns and usage trends emerge.
For example, owners can improve the performance of their LG PuriCare air purifiers after a new pet joins the family by purchasing a pet care-specific filter that more thoroughly removes fur and dander from the air. Similarly, upgradable dryers can be enhanced with new accessories and software to handle different climates and fabrics, LG said.
The software updates will be available for download in the Upgrade Center of the LG ThinQ app.
“Upgradeability challenges the idea that expensive appliances are designed with planned obsolescence in mind,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Co. “We want customers to experience the feeling of getting a new washer or refrigerator throughout the entire lifecycle of an LG appliance, not just the first time they bring the item home.”
LG plans to begin the launch later this year with upgradeable laundry pairs.
In other news, the company said strong demand for its premium home appliances helped push its 2021 revenues into record territory.
Total annual revenues rose nearly 29 percent to $53.2 billion last year, due primarily to stronger white-goods sales and with an assist from the company’s widely lauded OLED TVs, whose panels are an LG exclusive.
But operating profit declined 21.4 percent year over year to $572.9 million, largely due to higher raw material and global logistics costs, the manufacturer said.
Related: Whirlpool’s Appliance Guidance
Broken out by business unit, LG’s home appliance and air solution business enjoyed an increase in revenues of 21.7 percent last year, to just under $23 billion, while fourth-quarter revenues rose 17.7 percent to $5.5 billion. Both represented record results for the Korean conglomerate.
However, the same steeper costs cut into earnings, with operating profit slipping 2.9 percent to $1.9 billion.
Looking ahead, LG said it expects “challenging business conditions” to continue into 2022 and is responding to industry headwinds by further improving its cost structure and expanding its appliance and TV market share worldwide.
