Houseware firm LocknLock establishes subsidiary in India for global expansion

Seoul, Aug 25 (IANS) LocknLock, a South Korean houseware company, said on Monday it has established a subsidiary in India to tap into the world's most populous country.

The company plans to launch localised products, including an India-specific version of its premium Metro tumbler series, targeting consumers in the world's fastest-growing market, it said in a press release.

"India represents tremendous growth potential, driven by its large and youthful consumer base," said Jeoung Jae-won, head of LocknLock India, reports Yonhap news agency.

"By combining differentiated product competitiveness with expanded online and offline channels, we aim to establish LocknLock as a leading premium lifestyle brand in the Indian market."

LocknLock currently operates subsidiaries in seven countries, including China, Vietnam and the United States.

In 2024, the company swung to a net profit of 28.9 billion won ($20.85 million) from a net loss of 39.85 billion won a year earlier on stronger exports.

Meanwhile, South Korean stocks traded nearly 1 per cent higher late on Monday morning as investors placed hopes on a potential rate cut by the Federal Reserve next month and awaited the outcome of the summit between South Korea and the United States.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 30.98 points, or 0.98 percent, to 3,199.71 as of 11:20 a.m.

Fed Chair Jerome Powell had hinted at a possible rate cut during the U.S. bank's meeting next month.

The Seoul-Washington summit, set for Monday (U.S. time) in Washington, follows a recent trade deal that lowered U.S. reciprocal tariffs on South Korean goods from 25 percent to 15 percent in exchange for South Korea's pledge of $350 billion in investment and $100 billion in U.S. energy purchases, according to the report.

—IANS

na/