Logitech International, a Swiss-U.S. company that specializes in computer mice, keyboards, and video conferencing devices, is looking to expand its customer base into new sectors while focusing on artificial intelligence to drive growth. Chief Executive Hanneke Faber recently took over the company and emphasized the need for Logitech to tap into retail, education, construction, and manufacturing markets to double its total addressable market.
Logitech has also been exploring opportunities in the gaming industry by creating products for players who use consoles and mobile phones. While sales to businesses are currently challenging due to the pandemic, Faber noted that the shift to hybrid work is a permanent trend and the company plans to introduce more AI-equipped products like video conferencing software that uses AI to enhance user experience.
Faber has also mentioned that Logitech is developing headphones suitable for children in the education sector as one of its main areas of focus. In terms of acquisitions, Logitech has $1.5 billion in cash but will remain cautious before making any hasty deals. The company is preparing for strategic acquisitions in the future but will prioritize sustainable growth and innovation above all else.
Overall, Logitech’s goal is to attract new consumers and encourage existing customers to purchase premium versions of their products like speakers and webcams while expanding into new markets like retail and education with a focus on artificial intelligence.