Korean Economy News
Daewoo Elec under Dayou family steps up expansion in China

By Lee Dong-in and Kim Hyo-jin

South Korea’s Daewoo Electronics Co. attended the 2018 Shanghai Appliance & Electronics World Expo, China’s largest appliance exhibition, with a reinvigorated campaign to expand its presence in the world’s biggest consumer market under its original name and new owner.

The trade show, held in Shanghai from Mar. 8 to 11, had gathered more than 220,000 visitors from nearly 80 countries.

Daewoo Electronics showcased 60 home appliances, including its French door refrigerator, 18-kilogram washing machine and wall-mounted front-load washer. It premiered with its new sibling Dayou Winia Co. that displayed its premium fridge brand Praud, Dimchae kimchi refrigerator and rice cooker, and Winia air purifier and dehumidifier.

Daewoo Electronics returned to the global market under its founding name after Dayou Group acquired a 84.5 percent stake in the firm from Dongbu Group and financial shareholders last month, a move that has pushed Dayou Group to Korea’s No. 3 leader in home appliances.

Also at the event Daewoo Electronics signed a deal with China’s Sam’s Club to supply 15,000 units of its wall-mounted front-load washer Mini.

China Household Electrical Appliances Association named Daewoo one of the most noteworthy firms among the 600 companies on display.

Earlier, the company had hosted a showcase in Shanghai, inviting about 100 of its major Chinese partners to explain its local business plans and offer them a sneak peek at this year’s new releases.

The company plans to expand to Midwest China, including the provinces of Sichuan, Hunan and Hubei.

“We plan to capitalize Dayou Winia’s Chinese networks to up our distribution by 20 percent from the previous year and bolster our product lineup to penetrate deeper into the local market,” said an official from Daewoo Electronics.

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