Seoul: German premium home appliance maker Miele on Wednesday vowed to expand its presence in South Korea's high-end built-in home appliance market, as local rivals accelerate their entry into the segment. Miele Korea will focus on building a loyal customer base by highlighting the long-lasting durability of its products, which are designed to last up to 20 years, Chief Executive Officer Choi Moon-sup said at a press conference.
According to Yonhap News Agency, Miele will have more opportunities to get closer to customers as the premium segment expands and more brands join the market, Choi stated. Samsung Electronics Co. and LG Electronics Inc. are still in the early stages of promoting their respective premium brands - Dacor and Signature Kitchen Suite - to compete with established players, such as Miele.
Miele's co-Chairman Marcus Miele presented three strategic pillars for continued growth in Korea: product innovation, market expansion, and sustainability. He emphasized that Korea is a key market in Asia that will shape the company's future growth. Miele aims to strengthen its position in the fast-growing Korean premium built-in appliance market by launching products tailored to local lifestyles, Marcus Miele said.
He added that the company seeks to maximize product value through long-term durability, ensuring consistent performance even after 20 years of use. Miele entered the Korean market in 2005 and reported sales of 46.77 billion won (US$32.7 million) in 2024, down 6.7 percent from 50.14 billion won a year earlier.