LG and Samsung eye Russian market resurgence post-sanctions
LG and Samsung are considering returning to Russia once sanctions are lifted. While both companies are keeping an eye on the situation, the market is mainly controlled by Chinese competitors. This information was reported by "The Korea Times."
The South Korean technology giants, LG and Samsung, are contemplating a return to the Russian market post-sanctions. According to "The Korea Times," this decision hinges on the progress of negotiations between Russia and the USA.
Cho Ju Wan, the CEO of LG Electronics, highlighted that the company remains cautious as the conflict is ongoing.
The return will not be easy
Re-entering the Russian market will not be easy for LG and Samsung. Chinese companies, such as Xiaomi, currently dominate the market with a 20.93 percent share, while Apple holds 29.21 percent. Even though Samsung is in third place, it faces increasing competition.
The 30 percent increase in Samsung's marketing expenditures in the year's first months signals intensified efforts.
New initiatives from LG
In addition to planning a return to Russia, LG is working on new projects. In September 2024, the company submitted an application with Rospatent to register the OHUI cosmetic brand.
This move indicates that LG is actively seeking new growth opportunities despite the challenging circumstances in the Russian market. Both companies are closely monitoring developments to take appropriate steps.
