LG Electronics is one of the largest electronics manufacturers in the world. As of 2009, this company is the third largest producer of mobile phones and the second largest producer of televisions worldwide. Its headquarters is located in the LG Twin Towers in Seoul, South Korea. The company has about 149 subsidiaries around the world that manufacture different types of electronics, from household appliances to telecommunication devices. Electronics is a Top 100 global brand that is a dominant force to be reckoned with in the electronics industry.
The company started in 1947 under the trade name Lak Hui. Back then, it was not yet an electronics company, but more of a cosmetics and trading business. Then in 1958, Goldstar was established by In-Hwoi Koo, who was the founder of Lak Hui. It should be known that Goldstar made the first radio in Korea. The letter G in LG Electronics today has its roots in Goldstar, its original brand name.
Then, in the 1960s, Goldstar, which was the electronics division of Lak Hui, expanded exponentially. By 1962, Goldstar radios were being exported to countries like the United States of America. In 1965, Goldstar produced the first refrigerator in Korea. Then the following year they made Korea’s first black and white television. Then in 1968 Korea’s first air conditioning unit was produced and followed the next year. As shown here, when Electronics was still known as Goldstar, it was already the pioneer manufacturer of home appliances in its native South Korea.
In the 1970s, Koo Cha-Kyun took over the management of the company. Under him, Luk Hai changed his name to “Lucky”, thus forming the original meaning of the letter L in LG Electronics. As pioneers in the invention of electronics, they manufactured the first color TV in Korea in the year 1977. In 1978, their exports reached US$100 million.
Then, in the 1980s, LG Electronics was already using the initials LG to refer to Lucky Goldstar. It expanded throughout the entire decade. The first European subsidiary was established in Germany. A color television manufacturing facility was established in the United States of America. Then a European standard VCR manufacturing plant was opened in Germany. Then, by the end of the decade, the company already had a sales subsidiary and a joint production subsidiary in the Southeast Asia region, as they established one in Thailand. In LG’s history, the 1980s are known as the decade of international expansion. LG Electronics, then known as Lucky Goldstar, sold cheaper home appliances and other forms of telecommunications devices compared to Japanese brands.
In the 1990s, the company was becoming more aggressive in the international market. In the early 1990s, they set up a design technology center based in Ireland. Then in 1993, with the opening of the Huizhou subsidiary, its marketing in mainland China became larger. It was in 1995 that Lucky Goldstar officially changed its name to Electronics. In the same year, they acquired the US based company called Zenith. In 1997, LG Electronics established a subsidiary in India. The following year, the company manufactured the world’s first 60-inch PDP television.
In 2000, LG Electronics released a refrigerator that can be purchased over the Internet. They were also becoming the leading brand when it came to LCD TVs, mobile phones, and computer hardware. In 2001, LG Electronics launched home appliances that can be purchased over the Internet. These were the newest models of washing machine, air conditioner and microwave oven from LG Electronics. It also became the market leader in the Australian CDMA market. LG Electronics also increased its exports of GSM mobile phones to European countries such as Russia and Italy. In 2003, it became the world’s leading producer of CDMA. Then it also entered the GSM market of Northern Europe and the Middle East. In 2007, LG Electronics demonstrated the world’s first 4G MIMO-enabled technologies with 3G LTE. Then, in 2008, the company made a gradual change, as LG no longer represents Lucky Goldstar, but the company’s new logo “Life is good”, which, by the way, is also their new brand identity.
LG Electronics is a dominant company in the electronics industry. Its subsidiary LG Electronics USA is also imposing on the North American market. From a small South Korean company in the 1940s, LG Electronics is now a true global leader in the electronics market. Many homes have their products.