Hyundai Livart and Samsung Electronics to Develop Combined Furniture and Home Appliance Products... MOU Signed
[Asia Economy Reporter Kim Bo-kyung] Hyundai Livart has formed a partnership with Samsung Electronics to promote joint business ventures. The two leading companies in the furniture, interior, and home appliance industries plan to combine their strengths to present differentiated residential environment solutions.
On the 30th, Hyundai Livart announced that it had signed a Memorandum of Understanding (MOU) for joint business cooperation with Samsung Electronics. The agreement was attended by Yoon Ki-chul, President of Hyundai Livart, and Kang Bong-gu, Vice President of Samsung Electronics (Head of Korea).
The two companies will pursue various joint projects for mutual business development, including △ joint product development △ joint promotions △ B2B business cooperation.
First, they will begin joint product development. They plan to co-develop premium products that combine furniture, interior, and home appliances to enhance space utilization for customers and propose new lifestyles. Furthermore, they will explore cooperation methods for differentiated product development by integrating smart solution technologies.
Additionally, the two companies plan to develop customized furniture and home appliance package products that consider consumers' life patterns, such as newlyweds or new homeowners, and engage in joint promotions.
They also agreed to jointly target the B2B (business-to-business) market. They will co-develop new built-in products combining Hyundai Livart’s furniture and Samsung Electronics’ home appliances and actively collaborate on order acquisition activities.
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A Hyundai Livart official stated, "We expect to contribute to creating and advancing new residential trends by presenting differentiated products and innovative residential environment solutions to customers together with the global leading company Samsung Electronics."
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