LG is a well-known electronics and telecom company all over the world. Presently, the LG company has acquired a huge electronics market. Also, it holds several subsidiaries like LG display, Zenith, LG Chem. LG Electronics is the most successful segment among it. In fact, the company has many production units in more than 80 countries worldwide.
The backstory of LG foundation
South Korean businessman and entrepreneur Koo in-Hwoi founded LG 73 years back on5 January 1947. However, the story behind the formation of the LG group is interesting to know. The idea born when relative Huh Man-Jung visited him. The son of relative was just returned after studying in Japan and wanted to learn business tactics. So, Huh asked Koo in-Hwoi to invest in his business and offer a partnership. That’s how two families became partners for decades. In 1947, they set up a Lak Hui Chemical Industrial Corporation. Earlier, it rises as a cosmetics manufacturing business. The company enters the market with a face cream called Lucky. Shortly, this cosmetic product boomed the market because of its rich ingredients. But unfortunately, its sale lowers down because of lid discovery in the cream.
Eventually, after successfully setting several businesses, he founded Goldstar in 1958; it is presently known as LG Electronics.
Formation of LG- Top south Korean company
Initially, he started a plastic plan in Busan. It was a manufacturing unit of a plastic hairbrush. That time, it became a huge hit in the Korean market. After that, the company started manufacturing toothbrushes and washbowls. In 1958, Koo In-Hwoi expanded the production unit of Goldstar. The company manufactured the first homemade radio in Korea. Besides, the company started the production unit of electronics equipment like phones, fans, AC, TV, and refrigerators.
On the other hand, Koo In-Hwoi started the production of soap, toothpaste, as well as synthetic detergent. But it was trading under the name Lucky. It got famous for its products. In fact, some of the products of Lucky are sell in the Korean market. In the year 1995, it combined as Lucky Goldstar and renamed as “LG”. Also, adopted the tagline as ‘Life’s Good’.
Koo In-Hwoi – Founder of LG
Early Life and career
He was born on 27 August 1906 at the Korean Empire. In 1924, he completed secondary education at Seoul’s Central Normal Higher School. However, he started the business just after his secondary education. After returning to their hometown, he served as the head of the business corporative union of his village in 1926. Next year, he joined the Dong-A Ilbo newspaper, where he served as the head.
He entered the business world in 1931. At the start, he started a store in Jinju, South Gyeongsang. However, his younger brother Koo Chul-who was his partner. But they had to suffer huge losses. After that, he took a loan and continued with businesses. Finally, soon he found the opportunity to set business successfully.
Apart from businesses, with the help of independence fighter, he contributed to the Korean provisional government in Shanghai. He followed the path of his father who had done the same a decade earlier. However, his contribution helped him to build a network with several government authorities. Apparently, LG became the first Korean company to receive trade approval from the U.S. Army Ministry Government in Korea.
Later successes of LG
Today, LG operations popular as well as served globally. In fact, the company is holding as well as public type company, which is a popular choice in several fields. For example, electronics display, telecom, life sciences, solar energy, etc. Also, it has more than 220,000 employees and many want to become a part of it. Presently, the company acquired a huge electronics market. In fact, LG Electronics is one of the successful firms in the electronics industry.
Jayshri is an Electronics Engineer, but her passion towards writing made her to be in this field. Apart from content writing, she loves reading, writing and surfing on various topics. In her free time, she likes to watch TV series and news. Sherlock Holmes is her all time favorite show. Jayshri loves cooking various Indian-western dishes.