Once known as Lucky GoldStar, LG is a large multinational conglomerate based in South Korea. It is one of the largest companies in South Korea and has its headquarters in Seoul. They make a variety of different products including telecom items, chemicals, and a variety of different electronics. The company has a number of subsidiaries as well, including LG Electronics, Zenith, LG Display, LG Telecom, and LG Chem that operate around the world today.
How Long Has LG Been in Business?
The company began in 1947 under the name of Lak-Hui Chemical Industrial Corp. The first item created by Lak-Hui (pronounced as Lucky) was a cosmetic cream and soon they had a cosmetics lab up and running. Five years later, and they became the first company in Korea to enter the plastics industry. Since they were the only company in the country offering plastic products at the time, it became a very successful venture for them. In 1958, they created GoldStar. They merged and formed Lucky GoldStar.
The company continued to innovate and grow their brand. They were the company that created the first radio in Korea. They sold a variety of different types of electronics products to consumers under the brand GoldStar, while they used the brand Lucky to sell a variety of other household items not available outside of the country. The Lucky brand created a number of different types of products, including soap, detergent, and toothpaste.
While mainly known for their electronics in the West, the company actually still makes some of these household products such as detergent for their market in South Korea. The company shortened its name to LG in the hopes that it would become more competitive in the Western market.
They make many different types of electronics, including mobile phones, and they are always one of the top competitors in the phone market. However, they work in a variety of other fields, as well.
The Business Structure
The company has gone through a number of changes over the years. In 2000, they separated into three separate companies ?LG Chem, LG Household & Healthcare, and LGCI. In 2007, LG Chem merged with LG Petrochemical. LG operated with more than thirty different companies across the electronics, chemical, and telecom fields.
The companies in the telecommunications and services industry include LG Uplus, LG International Corp., LG CNS, and SERVEONE. Companies in the chemical industry include LG Chem, LG Household & Health, Care, LG Hausys, LG Life Sciences, and LG MMA. The companies in the electronics industry include LG Display, LG Electronics, LG Innotek, LG Siltron, and Lusem. Each of these different companies has specialties that make them important to the company at large, and they are all just different enough that they deserve to remain independent rather than merge with one of the other companies under the LG umbrella.
They have other companies and services as well, but the preceding are the largest and tend to be the most important to the company's bottom line. They also manage real estate, provide management consulting, operate the Korean Coca Cola Bottling Company, and even operate professional sports teams in Korea.
Consumer Electronics Are the Brand's Biggest Asset in the United States
In the United States, most people know the brand based on their electronic goods. They are popular and high quality, and they come at a variety of price points. They offer a variety of different home appliances including ranges and ovens, refrigerators, and washers and dryers. They have sound bars, Blu-ray players, and a range of televisions in all sizes and styles. They also offer DVD drives and burners, computer monitors, and many different cell phones and accessories. They offer docking stations for MP3 players, projectors, full home theater setups, and fitness trackers.
People who are shopping for electronics online or offline will often see this brand, as it is one of the most popular options available. While the LG brand may be relatively new to the West, they are still creating a range of quality items at comparable prices to their main competitors. The branding job LG has done in the United States and other parts of the world is quite impressive. Many people even remember the slogan that often appears with their name ?Life's Good. Of course, some people think that Life's Good is the actual name of the company and that LG is an acronym for that rather than Lucky GoldStar.