The Korean Secret is out

IIPM, GURGAON

As they say luck follows the brave. And the luckiest of them all is Lucky Goldstar aka LG. Many foreign companies in recent years have tried but failed miserably to make a lasting impression on the Indian market. But the most interesting saga is that of LG. The Korean chaebol’s first stint in India was nothing short of disastrous. LG had to pack up its bags and leave the Indian shores in the early nineties, after its joint venture ended on a discordant note. They re-entered the Indian mainland again in 1997, leaving behind the baggage of the past. Since then luck has been favouring LG who never had to look back, since then and rest as they say is history.

The Korean gladiator has carved out a notable presence in the country and is one success story which most multinationals envy, yet want to emulate. With a wide array of product offerings in the consumer electronics segment, LG has successfully eclipsed the undisputed global king Samsung on its own home turf and today enjoys a healthy market share of 42% in the overall consumer durable industry. However, making a mark in this competitive industry was not easy and LG feels that the people of their company have played a major role in making LG what it is today. While speaking to 4Ps,B&M, Yasho V. Verma, Director HR & MS, LGEIL says, “To survive in such a competitive industry the HR of the company has to be linked with the business strategies that they follow.” LG at present has a workforce of over 3000 employees and there are quite a handful of people challenges (getting quality people, the mindset of people, curbing attrition et al) that LG faces.

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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