Reducing Activities: company scaling back some business operations while continuing others
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LG Electronics Inc. is a South Korean multinational electronics company. LG Electronics is a part of LG Group and comprises four business units: home entertainment, mobile communications, home appliances & air solutions, and vehicle components.
Reducing Activities: company scaling back some business operations while continuing others
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Global 500Top 100 largest companies in Russia by revenue
Top 100Throughout Russia, the remaining specialized stores of LG, Bosch and Sony began to close. Technical support clarifies that some stores will remain open until the summer, until the remaining goods are sold out. Until now, retail partners of foreign manufacturers have not closed stores to avoid fines from landlords, market participants say. In place of the stores of the departed companies, sales points for suppliers from Turkey and China are already opening.
LG Electronics is suspending all shipments to Russia and will continue to keep a close watch on the situation as it unfolds. The management of the South Korean LG is discussing the possibility of closing the plant in Russia (it produces refrigerators, washing machines and televisions) and transferring production to Uzbekistan at the Artel facility. The Polish plant of the South Korean LG began to install Smart TV software adapted for the Russian market on the TVs it produces. Russian online cinemas are pre-installed on the devices supplied by parallel import and there is support for the voice assistant "Alice". Significantly decreased revenue in 2023 vs 2022. Home appliance manufacturer LG has relaunched its application for viewing LG Channels TV channels in Russia. Previously, the Ukrainian Megogo was responsible for developing the application of the South Korean brand, but after February 2022 the company stopped supporting it in the Russian Federation. The new application was presented by the LG development center in St. Petersburg. This is not the first time that a Korean company has shown interest in the Russian market, to which it has not officially supplied products for three years. According to Russian media reports on September 12, 2024, LG, which has withdrawn from the Russian market, has recently applied to register a trademark for cosmetics in Russia.