SEOUL, May 8 (Korea Bizwire) — Samsung Electronics presented its plans to expand its built-in home appliance business, while launching its new ‘Chef Collection Built-In’ on May 7.
Yoon Boo-Keun, president and CEO of Samsung Electronics’ Consumer Electronics (CE) division, said at a press conference at the Shilla Hotel that the company was hoping to double its growth in the domestic built-in home appliance market by 2018.
The Korean built-in market is currently estimated to be worth 450 billion won (US$ 411.5 million). The company is expecting to reach a 60 percent share in the Korean market within three years.
Samsung said that the current built-in market in Korea has largely been a business-to-business market centered on cheap products ordered by construction companies.
However, they were expecting to see an increase in business-to-consumer orders as individuals are increasingly choosing to re-model their apartments based on their own plans.
The company is also planning to expand its built-in business in Europe and the U.S.A.
Although the CE division saw a drop in sales during the first quarter of the year, Yoon said that Samsung’s home appliance business in the U.S.A has grown at 40 percent compared to last year, and that he expects to see better results in the second quarter.
Total sales of freezers and laundry machines increased by 20 percent and 30 percent respectively in the first quarter.
By Kevin Lee (email@example.com)