Lock&Lock Vietnam sales hit $60 mln in 2022
Lock&Lock, a South Korean manufacturer of household products, recorded sales of KRW80.3 billion ($60.06 million) in Vietnam in 2022, up 18% year-on-year, according to the firm’s report.
Lock&Lock now runs four factories in Vietnam, all in the southern region. Photo courtesy of the company.
Small appliances such as air fryers, toothbrush sanitizers, mini air purifiers, kettles, and toasters accounted for the biggest portion of KRW27.05 billion ($20.18 million), down 9% year-on-year, followed by beverageware, such as tumblers, mugs, and water bottles with KRW22.99 billion ($17.16 million), up 77%.
Cookware, including pots and pans, gained KRW11.16 billion ($8.33 million), up 21% year-on-year; followed by food containers with KRW6.98 billion ($5.21 million), up 5%; and others with KRW12.11 billion ($9.04 million), up 27%.
Lock&Lock attributed the high performance to its unrivaled market position as a premium brand in the Southeast Asian nation.
The underperformance of small appliances was due to market saturation for air fryers, which were once a best-selling product, and the delayed release of new products.
In the fourth quarter of 2022, Lock&Lock posted sales of KRW25.07 billion ($18.7 million) in Vietnam, down 12% year-on-year, due to the base effect caused by the easing of Covid-19 precautions in the fourth quarter of 2021. Beverageware was again the main driving force with growth of 49% to KRW7.58 billion ($5.66 million).
Entering Vietnam in 2008, Lock&Lock now runs four factories in the country, including one in Dong Nai province and three in Ba Ria-Vung Tau province, all in the southern region. Made-in-Vietnam products of Lock&Lock serve the domestic market, while about 80% are exported.
Regarding global performance, Lock&Lock's sales reached KRW521.2 billion ($388.9 million) in 2022, down 4% year-on-year. The Vietnamese market accounted for 15% of the total, the third-highest figure behind South Korea and China with 28% each.
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