BERLIN -- LG Electronics said Saturday it would be expanding its presence in the European premium built-in appliances market after its success story in the U.S. over the past years.

“We will enter the Russian market first. Even though the economy is struggling now, the market still has the full potential to explode,” said Cho Seong-jin, head of LG’s home appliance and air solution business division, at a news conference held on the sidelines of the IFA electronics trade show in Berlin.

“We aim to become Asia’s No. 1 built-in brand.”
 

LG has secured a firm footing in Russia, dominating to the tune of 40 percent of the home appliances market there. Following the Russian launch in September, the company said it plans to enter Eastern Europe in October and Western Europe next year.

The Korean tech giant launched its built-in brand, LG Studio, in the U.S. in 2013. Its sales have more than doubled this year, securing some 200 retail channels.

“Despite recent achievements, our U.S. business is still in its infancy. It would take more than 10 years to become a global brand in the field. We will try to make some meaningful progress within the next five years,” said the LG CEO.

At this year’s IFA, the company also showcased its latest front-load washing machine, Centum, which drastically reduces noise and vibration levels, while improving energy efficiency.

The world’s No. 1 washer maker in terms of sales plans to launch the new product in Europe with aims to further strengthen its leadership.

LG also showcased its vision for the Internet of Things -- Internet-connected products -- era, unveiling its first smart oven and air conditioner products that work on AllJoyn, an IoT platform used by AllSeen Alliance, the world’s largest IoT alliance of some 180 global home alliances makers.

Under the platform, all products can be connected to each other regardless of the producers and brands.

During the penetration of the platform, the company plans to launch SmartThinQ Sensors that help ordinary home appliances communicate through mobile apps within the year in Korea.

By Lee Ji-yoon Korea Herald correspondent (jylee@heraldcorp.com)