Internationally, LG Electronics is the best known division by far of diversified conglomerate LG Group. Westerners in particular know the company as Korea's #2 electronics manufacturer behind the mighty Samsung, which it followed into global markets in the 1990s, often borrowing its strategy unashamedly from its country-mate. As a result, by the late 1990s, LG had become the global #3 in mobile phones. However, in what was perhaps an ill-timed attempt to stop being seen as a Samsung copyist, it failed to follow its larger rival's determined move into Android-powered smartphones, and paid the price with steep declines in its market share, a misstep from which it has never recovered. Although it keeps a foothold in the smartphone market, it has been entirely eclipsed by low-cost Chinese manufacturers, and the mobile division has been loss-making since mid-2017. The brand ranked #7 by global market share in 2018 with around 3%. Yet the company remains a strong player in global televisions behind Samsung, and offers an extensive range of kitchen and living appliances led by washing machines, refrigerators and air conditioners. High-end appliances TVs and appliances are marketed under the LG Signature banner; ThinkQ is the group's AI system, operating across several types of devices in the portfolio from smartphones to TVs and even fridges. More recently the group has established a presence in automotive components and general business solutions including solar technology and outdoor display signs. Jo Seong-jin is CEO. Revenues for 2018 were around $54.8bn. Home appliances accounted for approx $17.2bn, home entertainment for $14.4bn and mobile devices for $7.1bn. Affiliated company LG Display is the world's leading manufacturer of LCD and OLED display components for TVs, monitors and other screen-based devices. Originally a joint venture with Dutch company Philips it is now wholly controlled by LG. Revenues were $21.7bn in 2018.
Capsule checked 24th April 2019
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