“Let's Build a Total Home Appliance Company That Elevates Everyday Happiness”
Shinil Electronics (hereinafter Shinil), Korea's total home appliance company, shared a new vision and goals in celebration of its 63rd anniversary.
On July 14, Jung Yoon-seok, CEO of Shinil Electronics, announced the new vision to “leap forward as a total home appliance company that elevates everyday happiness through continuous innovation.” Amid growing uncertainty in the domestic and overseas business environment, CEO Jung emphasized the importance of change and innovation, stating that a proactive and flexible approach is needed.
Following last year's record-high performance with sales of 193.6 billion won, Shinil presented its mid- to long-term goal of reaching 500 billion won in sales by 2025. To achieve this, CEO Jung stressed a strategy of securing profitability through the development of high-value-added premium products grounded in a quality-first philosophy.
First, he proposed strengthening the competitiveness of electric fans, which serve as Shinil's cash cow, by expanding the premium lineup to deliver a differentiated customer experience and maintain market dominance. He also urged the company to actively develop new product categories so it can adapt to new trends in the home appliance market and leap forward as a total home appliance company, and he suggested expanding and reinforcing high-margin new product categories that can drive sales growth.
Accordingly, in the second half of this year Shinil plans to unveil a further upgraded version of its ‘Eco Food Waste Processor,’ one of the products that drew a strong market response after its launch last year, and, in consideration of the growing number of pet owners, to release a premium line of hair dryers equipped with pet functions.
CEO Jung emphasized that Shinil will strengthen its design capabilities alongside its technological prowess so it can grow into a century-old company that appeals to all ages, and he proposed rolling out appliances incorporating trendy designs preferred by the MZ generation.
▲ Jung Yoon-seok, CEO of Shinil Electronics