LG Electronics (KRX:066570) is set to surpass 2 trillion won in annual revenue from its subscription-based home appliance business this year, Pulse News reported Thursday.
First-quarter sales, which excluded care services, jumped 45% year on year to 501 billion won, driven by strong demand for maintenance of high-use appliances such as water purifiers and washing machines, the report said.
The electronics products maker aims to evolve the model into a lifecycle business, expanding beyond rentals to include recurring sales of filters, detergents, and parts, it said.
Shares of LG Electronics fell 4% in recent trade on Friday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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