LG is presently one of the largest electronics manufacturers in the world. But, what does LG actually stands for. Of course, the company does associate the word LG with the tagline ‘Life’s Good’, but that’s not where the name came from.
Moving back to 1947, Koon In-Hwoi the founder of LG Corp established Lak-Hui (pronounced as ‘Lucky’) Chemical Industrial Corp which is presently known as LG Chem. It was the first ever Korean plastic company. The business quickly expanded and therefore in 1958, Goldstar Co. Ltd was established currently known by the name LG electronics Inc. Later the two joined hands and Lucky-Goldstar was formed.
Most of the consumer electronics were sold under the brand name ‘Goldstar’, while Lucky manufactured household products such as soaps, laundry detergents and toothpastes just to name a few. Some of these household products are still manufactured by Lucky but not outside the South Korean market.
With an intention to perform better in the global market, the company in 1995 decided to abbreviate Lucky-Goldstar to LG and that’s where the name actually came from. It was later that the company decided to associate the letters LG with the statement ‘Life’s Good’.