Miele confident about premium appliances market here

Miele President Markus Miele, center, speaks during a press conference at Miele House in Nonhyun-dong, southern Seoul, Tuesday. From left are Miele Korea President Ahn Kyu-moon, Miele and the German company’s co-proprietor Reinhard Zinkann. / Courtesy of Miele Korea

By Bahk Eun-ji

Miele, a Germany-based premium home appliances maker, expects to continue double-digit growth in the Korean market over the next 10 years, according to company co-proprietor Dr. Markus Miele.

Korea is “one of the most important markets” for the manufacturer of high-end appliances, commercial equipment and fitted kitchens. The company’s branch in Korea was established in 2005.

The co-presidents, Dr. Miele and Dr. Reinhard Zinkann, visited Korea to celebrate the 10th anniversary on Tuesday at the company’s main office in Seoul.

They explained the achievements in Korea over the past 10 years and announced the company’s additional 10-year plan during the meeting. They declined to give specific sales figures.

“Consumers in Korea are highly conscious of brand, technology, and durability when it comes to home appliances,” Dr. Miele said. “Those consciousnesses are difficult topics in the industry, and Miele has been a top-notch brand in the world.”

The president said Miele has continued to enjoy double-digit growth annually for the past 10 years, despite fierce competition with the traditional strong players, Samsung Electronics and LG Electronics in Korea.

“We can say we have focused on a slightly different business segment in Korea from those companies ― premium line,” he said. “They built up enormous competence in the electronics market, and they do have good products, but the difference is we concentrate on one field ― home appliances.”

He said providing products that enhance users’ convenience are more important for the company than making profits by competition with large companies, which is the reason why Miele has always tried to develop user-friendly technologies and gadgets.

Answering the question about how the German manufacturer can provide differentiated products to Korean customers, as Samsung and LG began to focus on the premium segment, Ahn Kyu-moon, president of Miele Korea, said it mainly depends on customers’ preferences.

“For example, there are a number of premium cars such as Benz, Audi, and BMW, but customers choose one based on their preferences,” Ahn said. “We believe Samsung and LG will help to expand the premium market as well.”