South Korean household goods manufacturer LocknLock introduces its products in India, launching the India-specific Metro Tumbler Series exclusively for the Indian market.
LocknLock, a South Korean houseware company, has made significant strides in its global expansion, announcing the establishment of a subsidiary in India. This move comes as part of the company's ambitious plan to become a leading premium lifestyle brand in the Indian market, tapping into the potential of the world's most populous country.
As of current operations, LocknLock operates subsidiaries in eight countries, including the United States, China, Vietnam, Indonesia, Thailand, and Vietnam. The company's latest move into India represents a strategic decision to capitalise on the growing demand for quality houseware products in the region.
Jeoung Jae-won, head of LocknLock India, expressed his excitement about the new venture, stating that India represents tremendous growth potential. The subsidiary aims to cater to the Indian market, leveraging LocknLock's reputation for innovation and design.
In a bid to appeal to local consumers, LocknLock plans to launch localized products, including an India-specific version of its premium Metro tumbler series. This move is expected to resonate with Indian consumers, who value practicality and durability in their everyday items.
The company's financial performance has also been on an upward trajectory. In 2024, LocknLock swung to a net profit of 28.9 billion won ($20.85 million) from a net loss the previous year. This turnaround is attributed to a combination of factors, including the successful launch of new products and the lowering of U.S. reciprocal tariffs on South Korean goods as a result of the trade deal between South Korea and the United States.
The trade deal lowered U.S. reciprocal tariffs on South Korean goods from 25% to 15%, providing a significant boost to South Korean exports. This, in turn, has contributed to the overall increase in Asian markets, with South Korean stocks trading nearly 1% higher late on Monday morning. The benchmark Korea Composite Stock Price Index (KOSPI) gained 30.98 points, or 0.98 percent, to 3,199.71 as of 11:20 a.m.
As the world awaits the outcome of the summit between South Korea and the United States, scheduled for Monday (U.S. time) in Washington, investor hopes for a potential rate cut by the Federal Reserve next month are contributing to the rise in South Korean stocks. Fed Chair Jerome Powell had hinted at a possible rate cut during the U.S. bank's meeting next month.
However, no specific details about the Seoul-Washington summit's agenda are provided in the article. Despite this, the overall sentiment remains optimistic, with LocknLock's expansion into India adding to the positive momentum in the South Korean economy.
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